South Africa’s Standard Bank is yet to hit its desired 75 per cent stake in Kenyan listed firm Stanbic, a shareholders’ meeting was told. Standard Bank shareholding in Stanbic is in the margins of 70 to 72 per cent. Standard Bank’s bid to raise its stake in Stanbic is coming a decade after it merged its Kenyan operation then, Stanbic Bank Kenya, with CFC Bank, which included CFC Bank, Heritage Insurance, CFC Life and CfC Financial Services giving birth to CfC Stanbic Holdings as the listed entity. In August 2016, CfC Stanbic Holdings shareholders overwhelmingly approved the name change to Stanbic in an extra-ordinary meeting in Nairobi. This is inspired by our belief and commitment to this market, which has been our home for over 100 years, and whose growth we are committed to drive,’’ said Stanbic Bank Kenya chief executive Charles Mudiwa.

Source: The Star March 01, 2019 20:15 UTC