NAIROBI, June 12 (Reuters) - Kenya's CFC Stanbic Bank, the main business of Kenya-listed CFC Holdings, said on Tuesday it had started operations in South Sudan to tap into an increasingly attractive new market.
Ranked among the largest banks in the east African nation,
CFC Stanbic is controlled by South Africa's Standard Bank
through CFC Holdings, which also runs a financial
"Our entry into South Sudan is in line with our strategic
plan to diversify into other markets in the region," Chris
Newson, the chief executive officer for Standard Bank Africa,
said in a statement.
South Sudan has become more attractive to banks seeking to
expand regionally after it officially gained independence from
Sudan in July 2011, and moved to rebuild a country ravaged by a
The country accounted for 42 percent of the 2.3 billion
shillings ($27 million) profit that Kenyan banks made from their
regional subsidiaries last year, the central bank said in an
CFC Stanbic becomes the third Kenyan bank to venture into
the new African nation, after Kenya Commercial Bank,
the biggest bank by assets, and Equity Bank, the
Kenyan bank with the most customers.
CFC Stanbic has 20 outlets, all in Kenya. It also said it
plans to raise funds for its expansion programme through a
($1 = 84.7000 Kenyan shillings)
(Reporting by Kevin Mwanza; Editing by David Clarke and