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Business News of Friday, 3 August 2007

Source: GNA

Standard Bank Africa to increase investments in Ghana

Accra, Aug. 03, GNA - Mr. Craig Bond, Chief Executive Officer of Standard Bank Africa, parent company of Stanbic Bank Ghana, has pledged the Bank's commitment to increase its investment in the country. This, he said would be done through the injection of significant and new capital into the system in order to grow its banking presence. He added; "this would either be through growing our existing banking operations in Ghana, Stanbic Bank Ghana Limited, or through acquisition or a combination of both."

Mr Bond made these remarks after his three-day visit to the country during which he held discussions with the Governor of the Bank of Ghana and Board and Executive Management of Agricultural Development Bank ("ADB").

The meeting was in line with the policy of the Ministry of Finance and Economic Planning, allowing Standard Bank to engage and dialogue with various stakeholders of ADB over Standard Bank's declared interest in partnering with the ADB in the discharge of its Agricultural financing mandate and other banking services.

Mr Bond said the proposed strategic partnership being sought would help "create a West African banking powerhouse and reinvigorate agricultural financing in the country through a combination of Standard Bank's strong capital and its global agriculture finance best practices, with ADB's existing local agricultural expertise and knowledge".

According to Mr Bond Standard Bank is engaging stakeholders of ADB with a firm commitment to uphold the agricultural charter of ADB, to refurbish and expand the branch network, provide customers with a wider range of products and services and most importantly to provide staff of ADB an opportunity to work for an international banking group committed to growing ADB.

This, he said, will provide access to world class banking practices and training resulting in greater career opportunities within ADB and on the international scene.

He described his recent three-day visit to Ghana as "very successful and highly insightful" and observed that, "Ghana has remarkably high potential for growth and is well placed to become the economic gateway to West Africa".

Mr Bond also commended the Government and the people of Ghana for the progress they have made in "positioning Ghana as a leading economy in West Africa through strong political leadership and stable economic policies." 03 Aug. 07

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