Standard Bank

JSE-listed South African banking group with pan-African presence operating across 20 African countries with leading positions in CIB, retail, and investment banking.

“…high dividend yields and a decent growth outlook support the case for double-digit returns [in several SA bank names]. While the banks face competition from more agile challengers, their large, engaged customer bases remain a formidable advantage. We expect them to leverage their distribution strength to deepen product penetration and grow revenues in real terms. A sustained domestic recovery would provide further tailwinds through increased credit extension and transactional activity. SA’s banks are also well-positioned to grow into the broader African opportunity. Standard Bank stands out in particular, with a leading CIB franchise that gives it exceptional continental reach – it is one of the Fund’s largest holdings.”