Standard Chartered to Divest African Wealth and Retail Banking Operations

Standard Chartered PLC plans to divest its wealth and retail banking operations in Botswana, Uganda, and Zambia.

This strategic move aligns with the bank’s broader strategy to focus on its core strengths and optimize its global footprint.

The bank intends to redirect resources from these markets to serve the cross-border needs of its global corporate and financial institution clients. This decision is part of a broader effort to streamline operations and enhance shareholder value.

“We continually assess the efficacy of our global business model and regularly take action to concentrate resources where we have the most distinctive client proposition,” Standard Chartered Group CEO Bill Winters said.

“We have invested heavily in recent years in Africa, where we have operated for 170 years, and which remains core to our global network.

“We have more than doubled wealth assets under management in sub-Saharan Africa since 2021 – driven by our hubs in Kenya and Nigeria—and we are confident that the greater concentration resulting from the proposed sales will help us to continue to outperform the market.”

Key Points

• Strategic Realignment: The divestment is part of a strategic refocus on core businesses, particularly affluent client segments and international corporations.
• Resource Optimization: The bank aims to optimize resource allocation and concentrate on areas with higher growth potential.
• Focus on Core Markets: Standard Chartered will continue to invest in its core markets, particularly in Asia, where it sees significant growth opportunities.
• Impact on Financial Performance: The financial impact of these potential divestitures is expected to be immaterial to the group.

Access Holdings Acquires Standard Chartered Assets

In a separate development, Access Holdings PLC announced the completion of the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone) Limited.

This acquisition is part of Access Holdings’ strategy to expand its footprint in Africa and strengthen its position in the corporate and SME banking segments.

The company is also working towards completing the acquisition of Standard Chartered Bank’s subsidiaries in Cameroon, the Gambia, and its Consumer, Private, and Business Banking business in Tanzania.