Standard Chartered growing and recruiting in Africa

The rumours on Standard Chartered buying Nedbank have quietened down (indeed, it now seems Hsbc may have a go at South Africa's fourth-largest bank). StanChart, the emerging markets-specialist, of course does not comment on speculation. But it is happy to say that, even without acquisitions, it is growing and recruiting in Africa.

"We had a very good year last year," says Ebenezer Essoka, Ceo of StanChart's South Africa office. "We continue to trade well. Growth will continue." He sees opportunities in corporate advisory services, project finance, commodity trading services and private equity transaction funding and regards South Africa, Nigeria, Angola, Ghana and Uganda as the countries with the most potential, but is willing to explore opportunities in places "that have hardly been touched" like Ethiopia, Ivory Coast and Cameroon.

The bank, which has just reported a strong performance for the first half of the year, plans to hire around fifty people in South Africa this year to beef up its wholesale banking services and bring its SA employee total to 250. In the African continent it employs over 6,000 people in the 14 countries it operates in.

"Our strategy will be to recruit the majority of the roles locally, tapping into South Africa's high level of banking talent and expertise," says a Johannesburg-based spokesman for StanChart. "All roles will be centred on commercial banking expertise, given that our South African business is focused on its successful wholesale banking strategy, delivering value to South African corporates and multinationals."

Recruiting experts say that StanChart is treading a well-worn path, as many foreign and local banks are seeking to expand in Africa and competing for talent.

"There is demand for skills in financial services not only by the international players but also local players such as Standard Bank," says Veronique Parkin, head of the financial services practice at Heidrick & Struggles in Johannesburg, which specialises in executive and senior-level recruiting.

"We have noticed that deal origination skills across Africa in particular in sectors such as resources and industrials are in demand. As for Standard Chartered, it is a Heidrick & Struggles global client and it is correct that they are doing well and growing their Africa business," Parkin adds.