StanChart May Sell WRB Units in Three African Countries
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Global Business Magazine- 4 minutes read
Standard Chartered PLC, the British multinational bank, on Wednesday said that it was exploring the potential sale of its Wealth & Retail Banking (WRB) businesses in Botswana, Uganda and Zambia.
This is the first in a small number of potential business exits to fund incremental investment in its leading wealth management business. This also aligns with the refreshed strategic priorities shared in the Group’s third quarter of 2024 results, aimed at accelerating income growth and returns, Standard Chartered said.
The Group will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients.
Standard Chartered operates a network of 11 branches, 4 Express Banking Centres supported by a Loan Centre and a 24-hour Client Care Centre in Botswana while it has 11 branches in Kampala, Jinja, Mbale, Mbarara and Gulu.
It may be recalled that Standard Chartered signed agreements with Access Bank Plc for the sale of its shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking (CPBB) business in Tanzania in June 2023.
Standard Chartered operates a network of 11 branches, 4 Express Banking Centres supported by a Loan Centre and a 24-hour Client Care Centre in Botswana while it has 11 branches in Kampala, Jinja, Mbale, Mbarara and Gulu.
It may be recalled that Standard Chartered signed agreements with Access Bank Plc for the sale of its shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking (CPBB) business in Tanzania in June 2023.
Concentrating Resources
Group Chief Executive, Bill Winters said that they continually assessed the efficacy of their global business model and regularly taking action to concentrate resources where they 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. We have more-than doubled wealth assets under management in sub-Saharan Africa since 2021 – driven by our hubs in Kenya and Nigeria – and we are confident that the greater concentration resulting from the proposed sales will help us to continue to outperform the market,” he added.
The financial effects of the proposed exits are not material to the Group as a whole and should be considered as included in the guidance provided in its Q3 of 2024 results.
