Standard Chartered PLC plans to sell its wealth and retail banking businesses in Botswana, Uganda, and Zambia while maintaining its global corporate services in these regions. This strategic move comes as part of refining its priorities for income growth and returns, and it is not expected to materially affect the overall group.
Standard Chartered PLC has announced its intent to divest its wealth and retail banking operations in Botswana, Uganda, and Zambia. Despite these changes, the bank remains committed to serving the cross-border needs of its global corporate and financial institutional clients in these regions. This strategic decision comes as part of a broader initiative to enhance income growth and returns, as outlined in the bank’s recent third-quarter results. The bank emphasized that these exits will not significantly impact the overall group.
Standard Chartered has a long history of operations in Africa, spanning 170 years. This experience contains a commitment to delivering services that align with the needs of its clients. The bank’s focus in recent years has included substantial investments in sub-Saharan Africa, which have more than doubled its wealth assets under management since 2021, particularly from its hubs in Kenya and Nigeria. As a part of evaluating its global business model, Standard Chartered has taken this decision to refine its resources toward more profitable areas.
In conclusion, Standard Chartered’s decision to exit the wealth and retail banking sectors in Botswana, Uganda, and Zambia reflects its ongoing efforts to optimize its operational strategy and reinforce its core commitments in Africa. By concentrating on markets where it can offer more impactful client propositions, the bank aims to accelerate its income growth and maintain a competitive edge in the banking sector.
Original Source: uk.investing.com
