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Ivory Coast Report

Marcopolis presents the Ivory Coast Report featuring interviews with key executives and government officials. The sectors under review are industry, telecom, banking, capital markets, IT, oil and gas, agriculture, services, transportation, energy and more.

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VideosMarch 31, 2017

Hervé Boyer: Stanbic Bank to Commence Banking Operations in Ivory Coast

Written by Sandra Francisco
Published: March 31, 2017

Stanbic Bank Ivory Coast

Standard Bank – trading as Stanbic Bank – has been formally awarded a banking license in Ivory Coast. The Group opened a Representative Office in 2014, signalling a drive towards establishing a presence in Francophone West Africa, and is now gearing up to commence banking operations in a market which stands out for its diverse, rapidly growing economy and business friendly reputation.

Hervé Boyer, Country Manager and Regional Representative WAEMU at Stanbic Bank, explains what are the bank's competitive advantages, why should an investment banking client or corporate banking client choose them instead of the competition, and what they have to offer in their sectors in Ivory Coast. He also shares his vision for the future of Stanbic Bank by 2019.

"One of our biggest strengths is that Stanbic Bank is the first bank in Africa. In order to accomplish this, we have greatly capitalized the bank. We currently have 17 billion FCFA in capital, putting us in the top league, and we will soon add another 15 billion, bringing us to 32 billion in capital. Also important is the quality of our services. We focus on our existing clients. We have identified peer sectors of activity that we will pursue with very specific aims, and put our capital at work behind specific names. We will bring more sophistication and digitalization, and more innovation with regards to our services and the applications that they offer. We aim to offer innovative products", says Hervé Boyer.

"The next step is to expand to local clients. After that, we will venture into SMEs, retail, wealth, and assurance/insurance. We plan to become uniform by incorporating our investment bank into a universal bank. We are working to make our existing system something that is not only tailor made to a CIB product, but to a universal bank product. We will continue to think ahead in regards to this. We also strive not to be limited to Ivory Coast, but also to expand in the region. We are planning to apply for a unique banking license, which will allow us to cover Ivory Coast as well as the eight countries which form the WAEMU", he adds.

 

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