South Africa’s Standard Bank is targeting the top spot in Kenya’s banking sector by 2030, betting on organic growth and potential acquisitions to expand its presence in East Africa’s largest economy.
The lender, which operates in Kenya through Stanbic Bank, currently ranks sixth by market share but views the country as the key to its broader ambition of becoming the region’s largest banking group.
“If we become the largest bank in Kenya, we become the largest bank in East Africa,” Joshua Oigara, Standard Bank’s chief executive for East Africa, told Semafor, citing Kenya’s scale, payment flows and corporate sector as critical growth drivers.
The target is likely to intensify competition in the country’s banking industry, where KCB Group, Equity Group and Co-operative Bank dominate the market. KCB remains the country’s largest lender, with assets exceeding KSh2 trillion ($15 billion).
Oigara said acquisitions remain on the table as the bank seeks
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