Banks, Insurers Shut South Sudan Units After Days of Battles
- Standard Bank, Old Mutual temporarily close Juba operations
- Kenya’s KCB moves staff to safety and reduces branch activity
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The biggest banks and insurers in Africa, including Old Mutual Plc and Standard Bank Group Ltd., are temporarily closing operations and evacuating staff after violence between rival political factions in South Sudan’s capital, Juba, left at least 272 people dead.
The fighting disrupted operations of Standard’s CfC Stanbic Bank in Juba and action had to be taken to protect employees, the Johannesburg-based lender, Africa’s biggest by assets, said in an e-mailed response to questions on Tuesday. The branch will reopen “once the situation improves,” it said.