Standard Bank Group, Africa's biggest lender by assets, is planning an acquisition in East Africa to gain a greater foothold in the regional banking sector, Bloomberg reported.

“We are looking at opportunities to partner with others, and indeed, we look for judiciously priced and appropriate opportunities to make acquisitions where they make sense,” CEO Sim Tshabalala told Bloomberg TV at the World Economic Forum in Davos.

However, the lender will first prioritise growing its market share organically, he added.

The South African-headquartered bank’s assets stood at 3.03 trillion rand ($161 billion) as of June 2023. 

Standard Bank has a presence in 20 African nations as well as in the US, China, UAE, Isle of Man, Jersey and the UK.

(Editing by Seban Scaria Seban.scaria@lseg.com)