Kenya-based lender CfC Stanbic has, reportedly, suspended its plans to expand business in South Sudan, following the disruptive violence and political unrest in the region.
CfC Stanbic CEO, Greg Brackenridge, was quoted by The Star as saying that following the investor briefing in Nairobi, the bank had shelved its advanced plans to spread out of capital Juba following disruptions after last November fallout between President Salva Kiir and his former vice Riek Machar.
Go deeper with GlobalData
"Our business in Juba was not affected because it has largely been peaceful.
"We had targeted other states especially those around the border with Uganda but the violence was disruptive to our plans," Brackenridge added.
According to Brackenridge, the CfC accounted for about 15% of revenues to loss making personal and banking business (PBB) division.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
