Stanchart won’t cut investment in Africa —–Regional CEO

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Mr. Kaushal (right) and Mr. Bedu- Addo speaking at the launch

Standard Chartered Bank will not cut its investment in Africa in spite of the difficult economic and growth challenges facing the continent, the Regional Chief Executive of Africa and Middle East, Sunil Kaushal has assured

Speaking at the launch of the bank’s Africa-focused campaign in Accra on Wednesday, Mr Kaushal said the bank would continue to increase its investment in and leverage its unique footprint and international banking expertise to drive growth in Africa.

Under the new brand campaign dubbed “Here for Africa,” the bank said it was reiterating its commitment to investing in Africa’s future and continuing support to key growth sectors across local economies, including infrastructure, telecommunications, transport, retail  and trade.

Mr Kaushal said the bank remained positive on Africa’s long- term growth potential and would continue to invest in areas critical to the growth of the continent.

“Africa is an integral and a valuable economic partner region with our unique footprint across the region, Asia and the Middle East.  This campaign is about our show of commitment and confidence in a continent that we have been in for over 150 years,” he said.

He said the Bank considered itself truly African since all the Sub-Saharan Chief Executives Officers and those who lead and manage the bank’s strategy were Africans, adding that the bank’s strategy was tailored to suit Africa’s specific trends and business dynamics.

Mr Kaushal said under the bank’s refreshed global strategy, announced last year, the bank reiterated its heightened focus on Africa, seeking to grow its business across all markets, with a keen focus on Corporate and Commercial segments.

He said the bank currently supports more than one million retail customers in Africa, and more than 25,000 commercial, corporate and institutional clients, noting that the bank in November last year committed to $3 billion in strategic investment globally over the next three years, which had already seen Africa benefiting with a multi-market upgrade of digital and mobile banking platforms.

“We believe in forging strong partnerships which deliver tangible value for members of Africa’s economies, not just our clients.  Our over $5billion commitment to President Obama’s Power Africa campaign, in partnership with African governments, continues to light up new homes and companies to spur income and growth,” he said.

Mr Kweku Bedu-Addo, the Regional CEO for Ghana, Sierra Leone and the Gambia said this year marked 120 years of the bank’s operation in Ghana and that makes Accra an ideal place to launch the bank’s ‘Here for Africa’ campaign’.

He said Standard Chartered Ghana continued to deliver tangible benefits to support the country’s economic growth.

These benefits, Mr Bedu-Addo mentioned included development of human capital, roll-out of digital banking solutions to more than 200,000 retail customers, sovereign advisory expertise and support for Ghana’s Eurobond issuance and attracting investor capital from Europe, US and Middle East and Asia to the country.

He also said the Bank was empowering local entrepreneurs by bridging the gap between large multinational and local suppliers through the bank’s supply chain financing product.

By Kingsley Asare

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