Standard Bank has reportedly decided to move ahead with plans to expand its operations to French-speaking West Africa with a new Ivory Coast-based branch.
The board members of the bank have approved the move to open a new branch in the country, reported Reuters.
The lender, which opened a representative office in Ivory Coast’s commercial capital Abidjan in early 2014, will convert the office into a branch.
Standard Bank country manager Herve Boyer told Reuters: "We have refocused the bank on Africa, and definitely one part of the puzzle was missing, which is francophone Africa. Right now we think is a good time to transform the rep office into a full branch of the group."
Following the board approval, the bank will now have to seek approval from the South African Reserve Bank to open the branch and apply for a license with the Central Bank of West African States, mentioned the report.
Standard bank will apply for a banking license seeking permission to operate across the West African Economic and Monetary Union (UEMOA), an eight member bloc that shares a common CFA franc currency pegged to the euro, said Boyer.