José Viñals on why Africa remains a strategic priority for Standard Chartered

Standard Chartered, a leading international bank, has reaffirmed its commitment to the African continent, despite facing economic challenges in key markets like South Africa. In an exclusive interview with CNBC Africa, José Viñals, Chairman of Standard Chartered, emphasized the importance of showing commitment during difficult times and highlighted the bank's long-term dedication to South Africa. Viñals expressed optimism about the country's potential for growth, while acknowledging the need for the right policies to unlock economic opportunities. Standard Chartered's focus on sustainable financing and investing solutions for Sub-Saharan Africa underscores its strategic priority for the region. Viñals also discussed the bank's investment in digital banking initiatives across Africa, aiming to cater to a diverse range of clients and expand its retail operations. The interview delved into the bank's expansion strategies, including the establishment of digital banks in Sub-Saharan Africa to complement traditional banking services. Standard Chartered is strategically positioned to leverage its African network as a bridge for international capital flows into the continent. Viñals highlighted the importance of the African Continental Free Trade Area agreement in driving intra-African trade and attracting foreign investment. As one of the top three trade banks globally, Standard Chartered views the trade agreement as a transformative opportunity for Africa's economic growth. The bank aims to double its revenue contribution from Africa over the next decade, underscoring its long-term commitment to the region. Despite macroeconomic challenges, Africa remains a significant growth opportunity for Standard Chartered, with the potential to strengthen its global operations. Viñals emphasized the importance of trust and policy reforms to foster a conducive business environment and attract investment. He noted the critical role of structural reforms in unlocking South Africa's growth potential, citing energy sources and unemployment as key areas for improvement. Addressing concerns about land expropriation without compensation, Viñals emphasized the importance of upholding the rule of law and legal predictability to boost investor confidence and drive economic development. Standard Chartered's enduring presence in Africa for over a century underscores its commitment to supporting the continent's economic progress and facilitating cross-border trade and investment.