poised to open up representative offices in Ethiopia and the Ivory Coast, it merged earlier this week.

Banks first open representative offices in the targeted countries before setting up shop and opening up a branch network offering a suite of their products.

By the time Standard Bank decides to go full steam ahead and start full-suited operations in the two countries, the lender would have increased its African operations to 20. It currently has operations in 18 African countries.

Reuters reported that the lender is paying more attention to Africa because it is planning to take advantage of opportunities that will be proffered by the growing middle class in the continent.

Standard Bank has disposed of its operations in the United Kingdom, Russia and Argentina to focus on the African continent.

Reuters quoted the bank’s spokesperson as saying plans of opening representative offices in the two countries are at an early phase.

In the past couple of years, Ethiopia has been seen as having great prospects for foreign banks. This is in view of the fact that it is Africa’s second most populous country.

Late last week, Standard Bank said its African operations posted a 27 percent surge in headline earnings in the six months to June this year.

Sim Tshabalala, joint group CEO, said this performance backed the company’s Africa-centred strategy.

Standard Bank said African operations posted an 18.2 percent return on equity (ROE) during the period under review.

Ben Kruger, joint group CEO, said African businesses continued to be critical to the company’s forward-looking strategy.