Africa-Press – South-Africa. Standard Bank’s African operations have grown from a tiny trading house in Swaziland, now Eswatini, into the largest on the continent by assets.
The bank now operates across 21 markets in Africa and four global hubs, with it sitting on R3.6 trillion in assets and processing R300 million in transactions every minute.
This scale does not happen overnight, with CEO Sim Tshabalala explaining to Daily Investor that it was the result of consistent execution on a well-thought-through strategy for the past 40 years.
“Let me just say to you with all humility, the current management team stands on the shoulders of really great executive that have gone before us,” Tshabalala said.
“I wish we could claim to be geniuses, but all we are doing is executing an old strategy that was well thought out.”
Standard Bank recently unveiled a new set of targets for the medium term until 2028, along with an updated strategy that, if executed, will see its headline earnings rise to over R60 billion per annum.
The strategy also envisages its Corporate and Investment Banking (CIB) crown jewel continuing to dominate in South Africa and on the continent.
This jewel has led much of the bank’s recent expansion in Africa, with it opening its first office in Egypt in 2025 to take Standard Bank to 21 markets in Africa.
While the bank’s presence in Africa is now inseparable from what it is as an institution, it was not always the case, with an inflection point being reached in 1988.
In the 1980s, Standard Chartered sold its shareholding in Standard Bank, leaving the Blue Bank without an African presence.
“What did Eddie Theron, Dr Strauss, and Andre de Villiers do? They decided to buy that little trading house in Swaziland and take Standard Bank into Africa,” Tshabalala said.
This decision was made in 1988 and would prove to be the moment that put Standard Bank on the path to becoming a pan-African behemoth.
“Next, they went and opened offices in London to bring capital into Africa. They bought ANZ Grindlay’s operations in Africa, giving it access to eight markets,” Tshabalala explained.
This resulted in the creation of Stanbic Bank in parts of Africa to ensure there would be no confusion between Standard Chartered and the Blue Bank.
Standard Bank has grown its presence from that initial trading house through acquisitions, partnerships, and greenfield investments.
The bank still believes in this process, with Tshabalala explaining its “Build. Buy. Partner” strategy at its 2026 Capital Markets Day.
Tshabalala explained, in detail, how the bank expanded its presence across Africa to Daily Investor, with it building national champions in many markets.
“The point of that long monologue is that we are going to carry on that long-standing tradition. It is to say that we understand we have a portfolio of 21 markets outside of South Africa and four business units that can still be optimised,” Tshabalala said.
Long-term thinking is key
Tshabalala has previously explained how Standard Bank has managed to successfully expand into Africa when other South African companies have struggled.
South African corporate history is littered with examples of companies expanding significantly into Africa, only to retreat years later and refocus on their home market.
Nedbank is the most recent banking example, with it selling out of its stake in West African lender Ecobank in 2025. It has now snapped up NCBA to expand into East Africa to regain its presence on the continent.
This follows the example of Shoprite, widely considered to be one of the best-run retailers in the world, which pulled out of Malawi and Ghana in 2025.
Tiger Brands is another example. South Africa’s largest food producer burnt its fingers when investing in Africa and had to, famously, sell its stake in Dangote Flour for $1 after buying it for R1.6 billion.
In contrast, Standard Bank has steadily expanded on the continent and done so profitably. Its Africa Regions business now contributes around 40% of the bank’s headline earnings.
Tshabalala has been instrumental in this expansion, leading Stanbic Africa for five years before returning to South Africa.
“I think stories are a great way to describe strategy and how it evolves over time. The story of Standard Bank in Africa is more than three decades in the making,” Tshbalala said.
“And so, you naturally have to take a long-term view and understand that Standard Bank has a long history of operating on the continent.”
The CEO explained that Standard Bank has seen cycles play out over decades in East and West Africa, seeing the volatility and operating through it.
This, Tshabalala said, speaks to the DNA of Standard Bank as an institution that has operated in Africa for 150 years.
“There’s been a combination of acquisitions, organic growth, partnerships and making sure that you’ve got well-organised, highly qualified, well-respected and knowledgeable bankers on the ground, and have got blood that is as blue as yours.”
Despite all these elements combining to make Standard Bank’s Africa Regions business work, Tshabalala kept coming back to the bank’s ability to take a long-term view, which he says is in its DNA.
“The most important ingredient for the expansion is to take a long-term view rather than a short-term view. Standard Bank does not go in and out of countries,” he said.
“To summarise it all, you have to look through the volatility, take a long-term view, and ensure you are disciplined in your capital management.”
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