latter being the company's major shareholder until 1999. In March 2019, Standard became the first bank in Africa to shift its operations onto Amazon Web Services. In March 2019, the bank announced a reduction of 91 branches and 1200 staff. The decision was taken due to a growing use of self-service channels and a branch network becoming less relevant. In July 2021, Standard Bank announced that it would increase its stake in Liberty Holdings, a South African insurance company, from 54% to 100%, for $594 million. Expansion and acquisitions Africa In 1992 the bank acquired the operations of ANZ Grindlays Bank in eight African countries. Most of the newly acquired banks were renamed Stanbic Bank, to avoid confusion with the former parent (and now competitor), Standard Chartered, which continued to operate in Africa. Several more banks in Africa were acquired during the 1990s, and adopted the Stanbic name. Standard Bank now trades under the name Stanbic Bank in Botswana, the Democratic Republic of the Congo, Ghana, Kenya, Malawi, Nigeria, South Sudan, Tanzania, Uganda, Zambia and Zimbabwe. Eswatini Standard Bank Eswatini opened its doors in 1988 and is today a leading commercial bank in the country. Ivory Coast In February 2014, Standard Bank Group is expected to open a representative office in Abidjan, Ivory Coast, marking the entry of the banking conglomerate into Francophone West Africa. Ivory Coast becomes the 19th African country where Standard Bank maintains a subsidiary. Malawi In December 2001, Standard Bank acquired 60.18% holding in the Commercial Bank of Malawi. The bank was renamed Standard Bank Malawi. Madagascar In Madagascar, the group is represented by Union Commercial Bank. Mozambique Standard Bank SARL ("SBM") has a long history and is considered one of the leaders of the local market. Already active in Mozambique for 120 years. The network's Standard Bank is one of the largest in the country. Covers all major towns and cities of Mozambique, with 44 branches. Namibia The Standard Bank Namibia is largely detached from the South African parent company for legal reasons. The bank was established in Namibia by the first commercial branch on 19 August 1915 in Lüderitz. It's one of the largest banks in Namibia and operates from more than 50 branches. Nigeria On 21 August 2007 Standard Bank Group acquired controlling interest in IBTC Chartered Bank. founded by the merger of the International Banking & Trust Company Plc and Chartered Bank