Standard Bank plans to invest $25million in Angola to set up a commercial and investment bank and offer retail banking services. According to a quote in Reuters' report "Angola is an exciting market with lots of potential, there are lots of unbanked people". Angola is experiencing an economic boom, sparked by oil revenues from offshore fields. David Munro, the CEO of Standard Bank's corporate and investment unit was quoted in 2006 as saying "There are more than three countries, including Nigeria, where we see opportunities for acquisitions or organic growth" In July last year, Standard Bank bought Nigeria's IBTC Chartered Bank in a deal worth around $400 million, expanding its footprint in Africa's most populous country. In the meantime, Standard Bank's sale last year of a 20 percent stake to China's biggest lender Industrial and Commercial Bank of China (the largest foreign investment in Africa at the time) has just been approved, according to this Reuter's report.