Standard Bank Group is setting its sights on deeper growth in East Africa over the next decade. The South African lender plans to build a universal banking business in the region while favouring organic expansion over acquisitions.
Chief Executive Sim Tshabalala said Kenya and the wider East African market offer significant growth opportunities. He pointed to Kenya’s economic expansion, diversification and strategic position as key advantages.
The bank plans to follow a gradual expansion model as it enters new markets. It will first offer corporate and investment banking services, then expand into business and commercial banking before developing retail operations.
Tshabalala made the remarks during a visit to Nairobi. He said Kenya’s economy has expanded by about 5% annually since the early 2000s, while its logistics position supports regional trade.
The country also links markets in Egypt, the Gulf States and the Indian Ocean. As a result, Standard Bank sees room to deepen its presence in Kenya and across East Africa. The strategy comes as other South African banks pursue acquisitions in Kenya. Absa Group and Nedbank have recently committed a combined KSh122.8 billion to acquisitions in the country.
Absa plans to raise its stake in Absa Bank Kenya from 68.5% to 72%. It will do so through a KSh6.53 billion tender offer after receiving bids for 189.4 million shares. Nedbank, meanwhile, received Central Bank of Kenya approval on August 28, 2026. The approval allows it to acquire a 66% stake in NCBA Group for KSh116.3 billion.
Standard Bank is taking a different route as it seeks long-term growth. Instead of relying on mergers and acquisitions, Tshabalala favours building operations progressively within the region.
His Nairobi visit was his second trip to the city in 2026. The visit comes as competition among major South African banks continues to reshape Kenya’s banking sector.