Finance

Standard Chartered Bank to exit 7 African markets

Friday, 15 April 2022 22:53
Standard Chartered Bank to exit 7 African markets

(Ecofin Agency) - For Standard Chartered Bank the exit will allow the group to focus on the most profitable markets. The exit calendar and the potential buyers are yet to be revealed.

British banking group Standard Chartered Bank announced Thursday (April 14), its plan to sell some of its activities. According to the release published on its website, the activities to be sold include five subsidiaries as well as retail and private banking segments in Africa.  

As we set out earlier in the year, we are sharpening our focus on the most significant opportunities for growth while also simplifying our business. We remain excited by a number of opportunities we see in the AME region, as illustrated by our new markets, but remain disciplined in our assessment of where we can deliver significantly improved shareholder returns,” says Bill Winters, Standard Chartered Group CEO, explaining the decision.  

Once regulatory approvals are obtained, the group will exit Cameroon, Gambia, Sierra Leone, Zimbabwe, and Angola. It will also sell its consumer, private, and business banking segments in Côte d'Ivoire and Tanzania.

It will therefore remain fully active in 11 African markets with strong economies (Nigeria, South Africa, and Egypt) and where its subsidiaries are listed on local financial markets ( Ghana and Kenya).



 
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