Standard Chartered is still hiring and growing in Africa

As developed markets are in the eye of the storm, it is a good time to be in emerging markets and to have "multiple growth engines", as Peter Sands, Ceo of Standard Chartered, puts it. At least "if one or two run slow others will be running fast."

That is why analysts see the bank as a safe haven and praise it for its 'superior growth prospects'. Earnings are set to increase by 11% in 2012 and expectations are of a double-digit rise in the dividend as well. While most competitors have announced thousands of redundancies, StanChart's confidence is shown by its decision to recruit 2,000 people before the end of the year.

The bank declines to give a breakdown by region and Asia is expected to account for a significant percentage of new hires. However, Africa is definitely one of the growth engines that are running very fast for the bank. There is an ongoing "strategic expansion drive" and "exponential growth for the business" in Nigeria, according to Diran Olojo, head of corporate affairs, and StanChart has just opened a new branch in Lagos.

"There certainly is a big focus on Africa," says Veronique Parkin, head of financial services for Sub-Saharan Africa at Heidrick & Struggles in Johannesburg. "Standard Chartered are strengthening their position and growing their business in a range of areas. They are very committed to Africa and very serious about investing here."

This week the bank announced that it has hired Peter Baird to head the Private Equity business in Africa. Mr Baird, who in the past has worked for Brait Capital Partners and McKinsey and most recently as senior advisor for mezzanine fund Vantage Capital, will be based in Johannesburg. StanChart's private equity team has so far invested $300m in a variety of sectors.

"We have made good progress in Africa and are excited about the future opportunities," says Alastair Morrison, global co-head of private equity. "Peter is well placed to lead our existing strong team of Private Equity professionals in Africa. I look forward to the team continuing to build on our successful track record of backing entrepreneurs and companies and supporting economic development on the continent."

There are also rumours that StanChart is again in talks with Old Mutual with a view to buying their majority stake in Nedbank, the smallest of South Africa's "big four" banks. Last year the almost-done deal was scuppered by HSBC, which made a 4.5bn offer for Nedbank and then pulled out without giving a reason. Old Mutual has recently confirmed it is still looking for a buyer.

"StanChart are looking for an equities franchise in South Africa to then build it into the other 14 African countries they are in," says Walter Ankrah, head of African financial services at executive search firm New Millennium Group. "I am pretty confident that StanChart are looking at Nedbank again. In fact, as HSBC walked away they could even get it on the cheap".