Standard Chartered shifts its African business

Mar 06, 2013, 3:57 PM EST
A worker holds bamboo used to erect a scaffolding on a building housing a branch of Standard Chartered in Hong Kong on March 5, 2013.

London-listed Standard Chartered is relocating its African business,  with operations in 16 countries, to Johannesburg from Dubai. The bank plans to invest $100 million over the next three years opening 110 branches on the continent and recruiting 950 consumer-banking staff. Standard Chartered’s income from Africa rose 15% last year to $1.59 billion, with 10 countries posting growth of more than 10%, including Kenya, which gained 34%, and South Africa, which rose 28%. Overall, the British company reported that annual net income rose less than 1% in 2012, to $4.8 billion, compared with 2011, while revenue rose 8%, to $19.1 billion, capped by the bank's big fine for breaking U.S. sanctions on Iran and rising regulatory costs.