Standard Chartered said Wednesday that it is set to streamline its business operations by offloading a handful of its Wealth & Retail Banking (WRB) businesses in Africa.
Standard Chartered Explores Sale of Some Wealth & Retail Banking Businesses in Africa.
The move is designed to free up capital for increased investment in its affluent franchise, a key growth driver for the bank.
The bank announced it is exploring the potential sale of its WRB businesses in Botswana, Uganda, and Zambia.
The strategic decision aligns with its broader goal of accelerating income growth and returns, as outlined in its recent third-quarter results.
By divesting these businesses, Standard Chartered aims to focus its efforts on serving the cross-border needs of global corporate and financial institution clients in these markets.
Standard Chartered believes that the concentrated approach will enable it to capitalise on its strong market position and deliver superior performance.
Bill Winters, Standard Chartered’s Chief Executive, stated: “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.
“We have invested heavily in recent years in Africa, where we have operated for 170 years, and which remains core to our global network.”
He further highlighted the significant growth in Wealth assets under management in sub-Saharan Africa, driven by its hubs in Kenya and Nigeria.
While the financial impact of these proposed exits is not expected to be material to the group as a whole, they are anticipated to contribute to the overall financial performance outlined in the bank’s recent guidance.
