Standard Chartered Bank, a leading international bank in Asia, Africa and the Middle East, has received authorisation from the South African Reserve Bank to open a branch in South Africa.
Standard Chartered`s activities in South Africa will in future include consumer banking. The Group today announces its acquisition of 20twenty, the local digital financial services organisation. (This transaction is subject to relevant regulatory approvals being obtained.) Alongside Standard Chartered`s growing wholesale banking presence, 20twenty is to become an important platform for Standard Chartered`s long-term expansion in South Africa.
Bryan Sanderson, Chairman of Standard Chartered, said, "We have one of the largest networks of any international financial institution in sub-Saharan Africa. We are also one of the best known brands on the continent."
Chris Keljik, Group Executive Director, said, "The expansion of Standard Chartered`s business in Johannesburg and the purchase of 20twenty are significant steps in building our South African presence. This acquisition gives us the opportunity to establish a consumer banking arm in South Africa and it gives the Group a low-cost entry point into what we see as an attractive market for consumer financial services."
Standard Chartered`s Africa Chief Executive, Peter Sullivan, said, "The Reserve Bank`s authorisation to operate as a bank enables us to leverage our African and worldwide network for the benefit of our South African and global clients. We are delighted to welcome 20twenty into the Standard Chartered Group. 20twenty has excellent brand recognition, first class technology, management, and staff, and a proven ability to attract new customers quickly."
Since returning to South Africa in the 1990s, Standard Chartered has established a wholesale business through its representative office in Johannesburg. Its newly obtained banking authorisation allows Standard Chartered to expand these activities significantly to the benefit of its clients in South Africa and internationally.
Already, Standard Chartered Bank`s expanded presence in South Africa has created twenty-one highly skilled new jobs and it intends to create further jobs to match its expansion in consumer banking.
Christo Davel has been appointed Head of Consumer Banking for Standard Chartered Bank in South Africa. He was previously CEO and founder of 20twenty. "All of us at 20twenty are thrilled to have found a new home within a bank of the stature, expertise and global reach of Standard Chartered. We would like to thank our existing customers for their loyalty and support, and look forward to growing 20twenty within the Standard Chartered Group," he said.
As Standard Chartered expands its activities in South Africa, it will grow its local staff complement in line with its international policy as an equal opportunity employer and in keeping with South Africa`s employment equity guidelines.
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