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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.