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Doha – Standard Chartered Plc is weighing a potential expansion into Morocco as part of its Africa growth strategy, people familiar with the matter said.
The London-based bank’s push into Morocco forms part of its broader strategy to enhance its wealth management and transaction banking businesses across Africa, according to Chris Egberink, chief executive officer and head of banking & coverage, South Africa, as reported by Bloomberg.
“Like we’ve gone and expanded in Egypt with a fully-fledged bank on the ground, we are looking at one or two other countries,” Egberink said in an interview in Johannesburg. “There’s a number of countries we are considering, and Morocco is one.”
The potential expansion is a continuation of Standard Chartered’s recent strategic repositioning in Africa, where it has spent the past three years divesting from smaller operations across the continent.
The bank has already exited operations in several markets including Zimbabwe, Angola, Cameroon, Gambia, Sierra Leone, and Tanzania, while exploring the sale of its retail banking units in Botswana, Uganda, and Zambia.
Standard Chartered’s interest in Morocco coincides with Access Bank’s plans to establish operations in the North African country, announced in December 2024.
Nigeria’s largest bank by assets recently raised $228 million through a rights issue to support its expansion strategy, viewing Morocco as a strategic gateway between Sub-Saharan Africa and Europe.
Read also: Access Bank Set to Enter Moroccan Market Amid African Expansion
The timing of Standard Chartered’s entry into Morocco will depend on multiple factors, including “regulatory engagement, licensing processes, due diligence, and client interest,” Egberink explained.
The bank has already demonstrated its commitment to North African expansion by opening a branch in Egypt in January 2024, which it views as a pivotal gateway to Africa and the Middle East.
This strategic move comes at a time when several global banking competitors have reduced their African presence. Major players such as Société Générale SA, BNP Paribas SA, and HSBC Holdings Plc have all scaled back their operations across the continent in recent years.
Despite regional uncertainties, Standard Chartered maintains a “risk-on” position in Africa, where it has benefited from the departure of global competitors.
The bank reports strong deal activity across various sectors, including metals and mining, retail clothing, manufacturing, construction, and water treatment.
The expansion strategy goes in line with Standard Chartered’s focus on wealth management and cross-border transactional services, following a streamlining initiative that began in April 2022.
“We are seeing a lot of aggressive interest from the United Arab Emirates – a lot more on the merger and acquisitions side from the east,” Egberink noted.
