By Ebi Kesiena
Standard Chartered Bank has revealed plans to divest business units in Botswana, Uganda, and Zambia as part of a broader strategy to channel resources into its growing wealth management division.
The announcement signals another step in the bank’s ongoing effort to refine its global business model and enhance profitability.
In a statement issued on Monday, the bank described the planned exits as “the first in a small number of potential business withdrawals.” This move follows a series of similar market exits over recent years, including its 2022 decision to leave Angola, Cameroon, Cote d’Ivoire, Gambia, Lebanon, Jordan, Sierra Leone, Tanzania, and Zimbabwe.
The group Chief Executive, Bill Winters explained that the decision aligns with the bank’s strategy to prioritize regions and sectors where it has a competitive edge.
“We regularly evaluate our global business model to ensure we allocate resources to areas where our client proposition is most distinctive,” Winters stated.
Also, the bank’s Chief, highlighted its increasing focus on sub-Saharan Africa’s wealth management sector, noting substantial growth in assets under management since 2021, particularly in Kenya and Nigeria.
This strategic shift reflects Standard Chartered’s response to changing market dynamics and its commitment to investing in more profitable ventures while scaling back in markets deemed less central to its long-term vision.
