In a press release, Standard Chartered, which operates more than 1,200 branches across 70 countries in the world, has announced it will be shutting down operations in 5 countries in Africa.
The London Stock Exchange-listed firm announced it would sell its operations in:
besides exiting Jordan and Lebanon.
In a statement, the bank said:
“Today, the group announces a set of actions to redirect resources within its Africa and the Middle East region to those areas where it can have the greatest scale and growth potential, in order to better support its clients.”
Following the move, the bank’s presence in Africa will drop to 10 from the current 15 countries.
The bank will continue operating in:
In Tanzania and Cote d’Ivoire, the retail banking business will be sold and only corporate and institutional banking will be retained.
According to Bill Winters, Chief Executive, StanChart:
“As we set out earlier in the year, we are sharpening our focus on the most significant opportunities for growth while also simplifying our business.”
“We remain excited by a number of opportunities we see in Africa and the Middle East region, as illustrated by our new markets, but remain disciplined in our assessment of where we can deliver significantly improved shareholder returns.”
– CEO, StanChart
StanChart says it will continue to serve corporate and institutional clients and facilitate cross-border capital flows and offshore business in all the markets it is exiting using its international network.