Standard Chartered announced on 27 November 2024 that it will explore the sale of its retail and wealth banking businesses in Botswana, Uganda, and Zambia. The bank said it will concentrate its resources in the three markets on serving the cross-border needs of global corporate and financial institution clients. The announcement came on the same day Access Bank announced the completion of its acquisition of Standard Chartered's Angola and Sierra Leone subsidiaries.
The move forms part of chief executive Bill Winters' broader strategic refocus on higher-return markets and business lines.
WEALTH HUBS AND NEXT STEPS
Standard Chartered will continue to serve wealth clients in sub-Saharan Africa through its wealth hubs in Kenya and Nigeria.
At the time of the announcement, Standard Chartered had not identified buyers for the Botswana, Uganda, or Zambia retail operations and characterised the process as exploratory. The bank said the financial effects of the proposed exits are not material to the group as a whole.
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