African markets

Stanchart leaves five African markets

COMPANY | STANDCHART | MARKET CLOSURE

The British banking group Standard Chartered plans to withdraw from five African countries and some countries in the Middle East.

According to the statement dated May 6, 2022 issued to certain customers, the bank says the changes are aimed at “focusing and simplifying” their presence in Africa and the Middle East.

Stanchart will close in Angola, Sierra Leone, Zimbabwe, Cameroon and Gambia while in Tanzania and Ivory Coast, Consumer, Private and Business Banking (CPBB) activities will be discontinued.

According to Godfrey Sebaana, the Acting Chief Executive Officer (CEO), Standard Chartered has announced a set of actions to redirect resources within its Africa and Middle East (AME) region.

“In order to better support its customers. Subject to regulatory approval, the Group intends to end its onshore operations in seven markets in Africa and the Middle East (AME) and two other markets, to focus solely on its activities. of Corporate, Commercial and Institutional Banking (CCIB),” the statement said. reads the acting CEO.

According to Stanchart, there will be an exit from onshore operations in Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe while in Tanzania and Ivory Coast, Consumer, Private and Business Banking (CPBB) will be released.

“CCIB business will not be affected in these two markets,” they added.

However, the bank also announced that it has also been expanded and recently opened its first branch in the Kingdom of Saudi Arabia and obtained preliminary approval for a banking license in the Arab Republic of Egypt.

The bank says it will continue to operate in 18 markets across AME (including 10 in Africa).