Standard Chartered PLC has announced its intention to explore the sale of certain businesses as part of a strategy to enhance investment in its wealth management sector. This decision is aligned with the strategic priorities outlined in the company's third quarter 2024 results, which focus on accelerating income growth and returns.
The bank is considering selling its Wealth & Retail Banking operations in Botswana, Uganda, and Zambia. The Group plans to redirect resources in these areas towards meeting the cross-border needs of global corporate and financial institution clients.
Bill Winters, Group Chief Executive, 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."
He further added, "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."
The company noted that the financial impact of these potential exits is not significant for the Group overall and is already factored into their Q3’24 guidance.
For additional information, interested parties can contact Manus Costello at +44 (0) 20 7885 0017 or Shaun Gamble at +44 (0) 20 7885 5934.