Standard Bank planned to expand its operations in Nigeria, Kenya and Angola to reduce its reliance on South Africa, where growth was slowing, according to chief executive Jacko Maree.

The bank might consider acquisitions to boost its retail banking operations in these countries, Maree said in an interview with CNBC Africa in Lagos on Friday.

Standard Bank has about $1 billion (R7.8bn) in surplus capital after disposing of its Russian venture and selling stakes in its Argentine units, according to calculations.

“For Standard Bank, over the next 20 to 30 years, Nigeria is the single most important market on the African continent in terms of growth,” Maree said. “Our base strategy is organic at the moment, but if the opportunity arises we will look at it.”

The bank is seeking to revive the profitability of its African operations after aborting plans to expand in Russia and Argentina. Nigeria is forecast to overtake South Africa as the continent’s largest economy by 2025, Morgan Stanley economists said in June.-busrep.co.za