StanChart appoints new managers to lead African expansion

Reuters
A staff member walks inside a priority banking service area of a Standard Chartered bank in Hong Kong August 1, 2012. REUTERS/Bobby Yip

NAIROBI (Reuters) - Standard Chartered Bank has appointed new managers for two regions of its fast-growing African business, which is due to expand significantly in the next two years, it said on Wednesday. Standard Chartered group's Africa region has recorded annual compound growth of 15 percent over the past five years and the bank plans to invest $100 million in the continent over the next three years and open 110 new branches by 2015. Ebby Essoka, the current chief executive of South Africa and area general manager for Southern Africa, will become vice chairman of Africa in a new role. Essoka will be replaced by Richard Etemesi, who is currently chief executive of Standard Chartered in Kenya and East Africa. Lamin Manjang, the chief executive of the bank in Oman, has been appointed as Etemesi's replacement in Kenya and East Africa.