Arab Finance: Standard Bank Group, as the largest lender in Africa in terms of assets, is planning to open a new office in Egypt to benefit from the increasing trade between Africa and the Middle East, Bloomberg reported.

The bank is set to open the new representative office by the end of 2024, according to Rassem Zok, who leads the bank’s operations across the Middle East and North Africa (MENA) region.

The move comes after Standard Bank's international operations surpassed its domestic market as the primary revenue generator in 2023.

While the bank’s headline earnings for the South Africa business rose 3%, profits from the rest of the business increased by 49%.

Zok highlighted that new office will allow “Standard Bank to capitalize on the significant emergence of the Gulf-sub Sahara Africa-Egypt corridors, and further support our clients in those corridors”.

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