StanChart Exploring Sale of Wealth and Retail Banking Units in Botswana, Uganda and Zambia

MT Newswires Live

2024/11/27

Standard Chartered (HKG:2888) is considering selling its wealth and retail banking businesses in Botswana, Uganda, and Zambia.

"The group will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients," StanChart said in a Wednesday statement.

According to the British lender, the sale is the first in a small number of potential business exits to increase investments in its wealth management business.

StanChart Group CEO Bill Winters said the bank has doubled assets under management in its wealth business in sub-Saharan Africa in the last three years. However, that growth has primarily been fueled by its operations in Kenya and Nigeria.

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