Standard Bank shares plunge on disappointing 2024 earnings outlook
Shares of South Africa’s Standard Bank Group Ltd. slumped the most in more than six months after the lender’s earnings outlook for 2024 disappointed some investors.
Shares of South Africa’s Standard Bank Group Ltd. slumped the most in more than six months after the lender’s earnings outlook for 2024 disappointed some investors.
In a challenging week, Standard Bank faced public accusations of currency manipulation and treason.
Standard Bank Chief Executive Sim Tshabalala has expressed qualified support for Central Bank Digital Currencies.
Expanding in the continent’s biggest economies is part of a strategy to ward off intensifying competition and tap African companies growing within the region.
With a 33% surge in headline earnings, Standard Bank CEO Sim Tshabalala’s description of “reasonable” results is an understatement.
The Standard Bank Group has appointed Ms Nonkululeko Nyembezi as Chairperson-designate and will take over as Chairperson from 1 June 2022.
The riots couldn’t of come at worse time for corporate South Africa which is still battling from a 7% reduction in GDP in 2020.
SA’s second largest lender has made a buyout offer to purchase the remaining 46% stake in local insurer Liberty that it doesn’t already own.
Standard Bank is also ready to take advantage of consolidation throughout Africa, where it has a presence in 20 countries, says Bloomberg.
The bank has raised the alarm around proposals to revive a govt-backed credit programme designed to aid businesses battered by Covid-19, says Bloomberg.