Standard Chartered Plc says it will fully exit operations in Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.
In a recent statement, the bank said it would also exit operations in the Middle East (AME) region as part of plans to upscale its businesses as well as consumer, private and business banking businesses in Tanzania and Cote d’Ivoire.
The bank added that it would concentrate on corporate, commercial and institutional banking in both countries, adding it would be leaving these markets as it generated around one per cent of its total group 2021 income and a similar proportion of profit before tax.
“As set out during its full year 2021 results presentation, Standard Chartered PLC (“the Group”) is accelerating its strategy to deliver efficiencies, reduce complexity and drive scale,” the statement reads.
“Today the Group announces a set of actions to redirect resources within its Africa and the Middle East (“AME”) region to those areas where it can have the greatest scale and growth potential, to better support its clients.
“Subject to regulatory approval, the Group now intends to exit onshore operations in seven markets in AME, and a further two markets focus solely on its Corporate, Commercial and Institutional Banking (“CCIB”) business.”
According to the bank, it had invested heavily in recent years in the AME region, including fundamentally transforming its digital capabilities in its African markets.
“It has also been expanding its footprint to cover some of the largest and fastest-growing economies, having recently opened its first branch in the Kingdom of Saudi Arabia and obtained preliminary approval for a banking license in the Arab Republic of Egypt ” Standard Chartered added.
“The seven markets where there will be a full exit of operations are Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.
“In Tanzania and Cote d’Ivoire, the consumer, private, and business banking businesses will be exited, and the focus will turn solely to CCIB.
“The Group remains focused on serving its clients where it can make the most impact. The Group will continue to serve corporate and institutional clients and facilitate cross-border capital flows and offshore business in all the above markets from its international network.
“The Group is currently present in 59 markets and serves clients in a further 83.”
