Standard Bank to launch in Senegal

Jun 16, 2011

A new bank is to open in Senegal in October 2011, Les Afriques newspaper reports.

British group Standard Bank is reported to have started talks to establish an agreement that will allow it to launch a branch in the country.

If successful, it would become the nation's 18th bank.

Standard is said to be considering Senegal as a strategic location in Sub-Saharan Africa
to expand on the continent.

According to Sud Quotidien newspaper, a recent banking reform has created favourable conditions of practice for financial institutions and has therefore acted as an incentive for big groups to establish a presence in the country.

The Central Bank of West African States has also made amendments on regulations related to the minimum amount of liquid assets that banks must have in stock.

This reform has strengthened the capital stock of the institutions and, as a result, the level of security.

"For many experts, this reform is simply an indirect way to encourage banks to regroup and create more powerful and solid groups," the news source noted.