16 March 2012
Emerging markets bank Standard Chartered Bank has launched its securities service in South Africa, as its pushes to become a preferred provider for investors across Africa.
“With South Africa’s regional and multi-national companies increasing at a rapid rate, Standard Chartered’s launch of Securities Services will bring added value and choice to new and existing investor clients,” Ebenezer Essoka, the bank’s area general manager for southern Africa, said in a statement on Monday.
“With our international footprint focused on developing and emerging markets across Africa, Asia and the Middle East, it remains our priority to encourage, facilitate and support sustainable investment across these key growth markets.”
Custody and clearing services – also known as securities services – includes a range of “back office services” for investors in securities, or listed shares, who require professional management, monitoring and safekeeping of their share portfolio.
South Africa is the fifth new market in which Standard Chartered has launched securities services since its acquisition of Barclay’s Africa custody business in 2010.
With South Africa, the bank will now offer securities services in 11 African markets, namely Botswana, Ghana, Kenya, Mauritius, Nigeria, Tanzania, Uganda, Zambia, Zimbabwe, Cote d’Ivoire, and South Africa.
It also has indirect capabilities in a further six African markets – Egypt, Malawi, Morocco, Namibia, Tunisia and Rwanda – through its network of agent banks.
According to Business Day, Standard Chartered’s global securities services business exceeds US$800-billion in assets under management.