South Africa's Standard Bank awarded banking license

16:56 - 25 July 2016

Customers queue to draw money from an ATM outside a branch of South Africa's Standard Bank in Cape Town, March 15, 2016. REUTERS/Mike Hutchings

Standard Bank is already present in over 19 countries in Africa and is looking to expand to more as it continues to expand across the continent

South Africa's Standard Bank has been awarded a banking license in Ivory Coast, one of Africa's fastest growing economies, extending its reach to 20 countries on the continent, the lender said on Monday.

"Standard Bank – trading as Stanbic Bank – has been formally awarded a banking license in Côte d’Ivoire," it said in a statement, adding that it was gearing up to commence banking operations but did not give a timeframe.

Standard Bank is already present in over 19 countries in Africa and is looking to expand to more as it continues to expand across the continent.