LONDON - Standard Chartered (OTC:SCBFF) PLC is in the process of divesting its Wealth & Retail Banking operations in Botswana, Uganda, and Zambia as part of a strategic refocus on its affluent client base. The move is in line with the bank's efforts to redirect resources toward areas where it can offer the most distinctive services to its clients, particularly in wealth management.
The decision comes after the bank's third-quarter report for 2024, which outlined a strategy to accelerate income growth and returns. The Group's Chief Executive, Bill Winters, stated that the bank has been assessing its global business model and is taking actions to allocate resources more efficiently. Winters highlighted the bank's significant investments in Africa over the past years and its success in doubling Wealth assets under management in sub-Saharan Africa since 2021, mainly through its operations in Kenya and Nigeria.
Winters expressed confidence that the proposed sales would allow the bank to continue to outperform the market by focusing on its strengths. Standard Chartered has been a fixture in Africa for 170 years, and despite these divestitures, the continent remains a key part of its global network. The bank plans to continue serving the cross-border needs of global corporate and financial institution clients in the affected markets.
The financial impact of these potential business exits is reported to be immaterial to the Group's overall finances and was included in the guidance provided in its third-quarter results of 2024. The bank has not disclosed the potential buyers or the terms of the sales.
This strategic shift underscores Standard Chartered's commitment to optimizing its portfolio and enhancing its wealth management business, which has been a growing focus for the bank in recent years.
This information is based on a press release statement from Standard Chartered PLC.
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