‘Mortal Combat’ Faces Standard Bank in Pursuit of Rich Africans
- Biggest lender in Africa is seeking 10 million new customers
- African consumer spending likely to exceed $5 trillion by 2030
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Standard Bank Group Ltd.’s goal of adding at least 10 million customers ahead of a 2025 deadline has set the stage for a tug-of-war over Africa’s wealthiest clients.
The biggest lender in Africa, with a 160-year history on the continent and a presence in 20 countries, has the advantage of scale over its peers as it looks to grow its customer base to more than 25 million. But persuading the most affluent patrons to leave rival banks will be a hard-fought contest.