African markets

Standard Chartered Bank exits major African markets

Standard Chartered Plc announced the start of a strategic move to completely exit certain markets in Africa and the Middle East.

The bank in a statement said the markets are Cameroon, Gambia, Angola, Zimbabwe, Sierra Leone and two other markets in the Middle East.

The global banking group said the planned exits will allow it to redirect resources to markets where it has the greatest potential for growth and scale.

As part of the restructuring, the statement said Standard Chartered will also cut all aspects of its private and commercial banking operations in Tanzania and Ivory Coast, while focusing solely on corporate, commercial and institutional banking services in these two countries.

The planned exit is subject to regulatory approval, however, the bank said.

ALSO READ: Standard Chartered Bank to close half of its branches in Nigeria

The banking group’s chief executive, Bill Winters, said the bank is focusing more on the most important growth opportunities while simplifying its operations.

“We remain excited about a number of opportunities we see in the AME region, as exemplified by our new markets, but remain disciplined in our assessment of areas where we can deliver significantly improved shareholder returns,” a- he declared.

“Collectively, our actions will position the AME franchise for the next phase of growth after a very strong performance in 2021. We are grateful to our colleagues and partners in each of these impacted markets for their hard work and dedication and we are committed to them. support throughout this transition. »

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