Standard Chartered Plc withdraws from these 5 African countries
Standard Chartered Plc has announced the start of a strategic move to completely exit Cameroon, Gambia, Angola, Zimbabwe, Sierra Leone and two other Middle Eastern markets.
In a statement released via its website yesterday, 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.
The banking group’s chief executive, Bill Winters, provided further explanation of the situation, saying:
“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. 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 supporting them. throughout this transition. »
As part of the restructuring, Standard Chartered will also eliminate 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.
In the meantime, however, existing proposals are still subject to regulatory approval. As such, Standard Chartered’s statement did not mention when the exits are expected to be finalized.
It is important to note that all of the African countries mentioned above would leave Standard Chartered operating mainly in Nigeria and Kenya for the time being. The company has obtained preliminary approval for a banking license in Egypt.
Finally, the company reiterated its commitment to continuously serve its corporate and institutional clients in the markets where it can have the greatest impact.