Standard Chartered Plc says the sale of its assets in Cameroon, Gambia, Angola, Zimbabwe, Sierra Leone, and two other markets in the Middle East will be completed in 2023.
The banks’ exit aims to improve profits as part of its “refreshed strategy”.
In Tanzania and Cote d’Ivoire, the Consumer, Private and Business Banking businesses will be exited, and the focus will be on its Corporate, Commercial and Institutional Banking (“CCIB”) business.
“The assets … have been presented as held for sale following the approval of Group management, and the transactions are expected to complete in 2023,” Standard Chartered Plc said in its annual report.
The assets for sale are estimated at $1.63 billion (Sh216.6 billion).
Prior to the announcement, StanChart operated in 15 African markets and 10 in the Middle East.
