Standard Chartered PLC, the UK-based lender, plans to shut down its network in seven countries in Africa and the Middle East.
In a statement issued Thursday, it will exit from Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone, and Zimbabwe. In Tanzania and Cote d’Ivoire, the Consumer, Private and Business Banking businesses will be exited and the focus will turn solely to CCIB.
The lender says it will redirect resources ‘within its Africa and the Middle East region to those areas where it can have the greatest scale and growth potential, in order to better support its clients.”
This is as it seeks to grow its presence in other developing markets, including Saudi Arabia and Egypt.
“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. Collectively, our actions will position the AME franchise for the next phase of growth after a very strong 2021 performance,” Standard Chartered Group CEO, Bill Winters, said.
“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,” Stanchart’s chief executive Bill Winters said.