Africa’s largest lender expands operations into Egypt

CAIRO, Egypt (MNTV) — Africa’s biggest bank by assets, Standard Bank Group, has officially entered the Egyptian market, marking a major strategic expansion aimed at capturing growing trade, investment, and capital flows between North Africa, the Gulf, and sub-Saharan Africa.

Speaking at a launch event near the Pyramids of Giza, Sim Tshabalala, CEO of the Johannesburg-based lender, said Egypt’s emerging role as a bridge between Africa and the Middle East made it a natural choice for the bank’s regional base.

“We are seeing increased movement of clients, capital, and goods between Egypt and Africa,” Tshabalala said. “Egypt’s performance is expected to strengthen continental growth further.”

The new representative office in Cairo will focus on financing, trade, and investment facilitation for Egyptian corporations and multinationals seeking access to African markets. 

The move, Tshabalala said, is part of a broader strategy to establish a permanent presence beyond what he described as “suitcase banking,” with close coordination between teams in Cairo and Dubai.

Standard Bank operates in 20 African countries and maintains global offices in London, New York, Beijing, and Dubai. Its expansion into Egypt comes amid signs of economic recovery and renewed investor confidence following years of high inflation and currency volatility.

According to African Business magazine, Standard Bank remains the continent’s largest lender, with its Tier 1 capital increasing to $13.2 billion in 2025, up from $12.5 billion the previous year.

Luvuyo Masinda, the group’s Chief Executive for Corporate and Investment Banking, said the Cairo office would help Egyptian companies leverage the bank’s Africa-wide network. “Our balance sheet is built for African risk,” he said. “This gives us a unique ability to support Egyptian clients expanding southward.”

Rassem Zok, Standard Bank’s Middle East and North Africa Chief Executive, described Egypt as the anchor of a “strategic triangle” linking the Gulf, North Africa, and sub-Saharan Africa. “The Cairo office strengthens our role as a facilitator of Gulf–Africa financial flows,” Zok said.

The move highlights Egypt’s growing importance as a trade and investment gateway for the continent, supported by its membership in the Common Market for Eastern and Southern Africa (COMESA) and participation in the African Continental Free Trade Area.