Standard Chartered Bank has agreed to sell its consumer banking business in Ivory Coast to Coris Group, a pan-African banking group.
The deal, which was announced by Standard Chartered Africa and the Middle East (AME) CEO Sunil Kaushal and Coris Group Chairman Idrissa Nassa, is subject to regulatory approvals and the transfer of business.
“This agreement marks a milestone in Standard Chartered’s journey in the AME region towards streamlining the business and providing further impetus to our delivery of best-in-class services and expertise to our clients,” Kaushal said.
“The successful conclusion of the Bank’s strategic divestments will see us double down on growth opportunities in AME by leveraging our long track record in the region,” he added.
“Alongside Coris Bank International, we are confident that this transition will be executed seamlessly as part of our commitment to prioritise the satisfaction of retail customers and the wellbeing and stability of our people.”
The sale is part of Standard Chartered’s global strategy to streamline its operations and focus on its core markets and segments.
It is also the first of a series of strategic divestments that the bank announced in April 2022, involving its consumer banking businesses in several African and Middle Eastern countries.
Standard Chartered announces sale of consumer banking business in Côte d’Ivoire to Coris Bank. The sale of its CPBB business in Côte d’Ivoire marks the successful conclusion of Standard Chartered’s strategy to deliver efficiencies, reduce complexity, and drive scale in the AME.… pic.twitter.com/Q1IAiJFvtt
— Idrissa NASSA (@Idrissanassa) December 15, 2023
Kaushal said the deal marks a milestone in Standard Chartered’s journey in the AME region and will enable the bank to leverage its long track record and pursue growth opportunities in the region.
Nassa said the acquisition is an opportunity for Coris Group to offer its best quality of service and accelerate its growth in the West African Economic and Monetary Union (WAEMU), where it is the third largest banking group.
Standard Chartered will retain its corporate, commercial, and institutional banking business in Ivory Coast, where it has been operating since 2001. The bank expects to complete the sale of its consumer banking business in Ivory Coast in the next few months, as well as the other divestments that it announced in 2022.
