The company intends to expand Stanbic Holdings in Kenya through an acquisition. Stanbic is the Kenyan unit of Johannesburg-based Standard Bank.
Standard Bank owns 75% of Stanbic, which recorded a 26% increase in full-year net income in 2022 compared with the previous year.
With the acquisition, Standard Bank hopes to become the market leader by overtaking local rivals.
Kenya, Uganda, Tanzania, as well as the Democratic Republic of the Congo, are among the five eastern African markets where Standard Bank has operations.
The lender has a representative office in Ethiopia, where the bank hopes to secure a full license when the country allows foreign entities to invest in the banking industry.