Standard Chartered Says 16% Africa Revenue Rise Sustainable

Standard Chartered Plc’s about 16 percent annual increase in revenue from its Africa business over the past five years is “sustainable” as the continent’s use of banking products rises amid surging economic growth.

The London-based bank, which has been operating in Africa for more than 150 years, has a presence in 15 sub-Saharan African nations after upgrading its representative office in Angola to a branch, Viswanathan Shankar, chief executive officer for Europe, the Middle East, Africa and the Americas said in a Feb. 20 interview in Dubai. The bank is also considering entering markets in Mozambique and Ethiopia, he said.