(Ecofin Agency) - Standard Chartered Bank, a financial group present in 17 African countries and whose leading shareholder is the Singaporean sovereign fund (with 15.6% shares), started 2019 with adjustments in its African operations.
Before the end of H1, 2019, it should have to finalize the sale of its private equity operations in the region and in other parts of the world, after a $1 billion agreement with Intermediate Capital Group (ICG).
In addition, Bola Adesola (photo), who was StandChart’s director for Nigeria and West Africa has become the vice-president of the group’s administrative board in charge of African operations. She will now represent Standard Chartered Bank in various administrations in Africa.
Lamine Majang will replace her in Nigeria and in West Africa. He is experienced in the management of regional banking clusters with many years at the head of activities in Kenya, East Africa, Oman, Uganda and In Sierra Leone.
Kariuki Ngari becomes director of the Kenyan subsidiary. There is still the position of general director in East Africa which needs a manager.
“These changes ensure a smooth succession which will allow us to continue our unrelenting focus on delivering our strategy and capturing opportunities across the region”, Sunil Kaushal, Regional CEO, Africa and the Middle East, Standard Chartered Bank, explained.
Let’s note that those two regions have recorded some setbacks in terms of financial performances, according to figures published by the bank. In the first nine months of 2018, their contribution to the group’s revenue was $1.9 billion while within the same period in 2017, it was $2.08 billion.