Standard Chartered Plc’s Ghanaian unit, the second-biggest lender on the country’s stock market, rose to the highest in three weeks as investors speculate plans to boost its branch network will increase profit in 2013.
The stock gained for a third day, its longest winning streak in five weeks, adding 0.1 percent to 90.01 cedis by the 3 p.m. close in the capital, Accra. That’s the highest since Nov. 22, according to data compiled by Bloomberg.
The lender, which increased its branch numbers by three to 24 this year, will add at least another three in 2013, Ebenezer Amankwah, spokesman for the bank, said by phone today. The target is to increase the network to 42 by 2015, he said.
“We expect the expansion to raise costs at the bank this year, but we see the gains overriding the costs from next year,” Sulemana Mohammed, a financial research specialist at Ecobank Development Corp., said by phone.
To contact reporter on this story: Moses Mozart Dzawu in Accra at +233-302-258-797 or firstname.lastname@example.org.