Standard Chartered has revealed potential plans to sell its Wealth & Retail Banking (WRB) businesses in Botswana, Uganda, and Zambia.
The move is part of a broader strategy to concentrate on its leading wealth management franchise, focusing on affluent clients and cross-border financial services.
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The decision aligns with the Group’s updated priorities shared during its Q3 2024 results, which emphasised driving stronger income growth and improving returns.
In addition to this, the proposed sales will enable Standard Chartered to redirect resources toward markets where it holds a distinctive competitive edge.
Despite the planned exits, the continent remains a crucial part of its global network. The shift underscores Standard Chartered’s evolving approach in sub-Saharan Africa, a region where the bank has operated for 170 years
The bank highlighted significant growth in its wealth management business in Africa, with assets under management more than doubling since 2021, driven by regional hubs in Kenya and Nigeria.
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By GlobalDataMoreover, the financial impact of the divestments is not expected to be material to the Group, as already outlined in its Q3 2024 guidance.
By narrowing its operations, Standard Chartered aims to strengthen its core wealth management business and deliver enhanced value to clients and shareholders alike.
Group Chief Executive, Bill Winters stated: “We continually assess the efficacy of our global business model and regularly take action to concentrate resources where we have the most distinctive client proposition. We have invested heavily in recent years in Africa, where we have operated for 170 years, and which remains core to our global network. We have more-than doubled Wealth assets under management in sub-Saharan Africa since 2021 – driven by our hubs in Kenya and Nigeria – and we are confident that the greater concentration resulting from the proposed sales will help us to continue to outperform the market.”
