Stanbic bank has ruled out any move to list on the Ghana Stock Exchange (GSE) anytime soon.
The bank says for now, it is focused on building its operations in the country rather than listing on the local bourse.
The bank which has operations in 18 countries in Africa is currently listed on most of the stock exchanges in those countries.
Its parent company, Standard Bank Group which is the largest African bank by assets and earnings is also the largest trader of African currencies in the world.
Speaking to Citi Business News at the bank’s African Media Forum held in Johannesburg, South Africa, its Co CEO, Ben Kruger said the bank will for now focus on other activities rather than listing on the GSE.
“We don’t have any strategy for listing on any particular stock exchange. In early days of upholding a business, you tend to incur significant costs in deploying branches, technology and getting the business up to a point where you have sufficient customers that bank with you to make the business profitable.”
He added that “in early days, it’s very difficult for shareholders to carry some of the costs so in early stages it’s far easier for us to carry such costs.”
Source: Citifmonline.com
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