Standard Bank Cuts Brazil Unit in Emerging Market Pullback
February 27, 2013 by Avila Capital Markets, Inc.
Standard Bank Group Ltd. (SBK), Africa’s largest lender, is scaling back operations in Brazil as it dismantles a strategy to expand in emerging markets.
The Johannesburg-based lender is cutting costs in the country and will focus on Brazil-related work with Africa and China instead of building up a local banking business, spokesman Ross Linstrom said in an e-mailed response to questions.
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