Standard Bank to go beyond just banking

Standard Bank, which was formed about 160 years ago, is seeking fresh development prospects outside of banking as it strives to become Africa’s leading diversified financial services business.

Beyond South Africa, the company has a presence in 17 African markets. The bank’s recent acquisition of Liberty’s minority shareholders will enable it to include the insurer’s short and long-term insurance products into its offering, allowing it to tap fresh revenue streams throughout the continent.

When asset manager Stanlib is included, the group’s assets under management (AUM) totals R1.4 trillion, making it Africa’s third-largest after the Public Investment Corporation (PIC) and another major participant.

Former Liberty CEO David Munro is now in charge, with the job of integrating the insurer into the company’s financial services portfolio.