African markets

Standard Chartered Bank withdraws from 7 African markets

(Agence Ecofin) – For Standard Chartered Bank, the exit will allow the group to focus on the most profitable markets. The release schedule and potential buyers have yet to be revealed.

The British banking group Standard Chartered Bank announced on Thursday, April 14, its plan to sell part of its activities. According to the press release published on its website, the businesses to be divested include five subsidiaries as well as retail banking and private banking segments in Africa.

As we announced earlier in the year, we are focusing more on the most important growth opportunities while simplifying our activities. We remain excited about a number of opportunities we see in the AME region, as illustrated by our new markets, but remain disciplined in our assessment of areas where we can deliver significantly improved shareholder returns,says Bill Winters, CEO of Standard Chartered Group, explaining the decision.

Once regulatory approvals are obtained, the group will leave Cameroon, Gambia, Sierra Leone, Zimbabwe and Angola. It will also sell its consumer, retail and corporate banking segments in Ivory Coast and Tanzania.

It will thus remain fully active in 11 African markets with strong economies (Nigeria, South Africa and Egypt) and where its subsidiaries are listed on local financial markets (Ghana and Kenya).