StanChart exploring sale of wealth & retail banking businesses in Africa
By Michele Maatouk
Date: Wednesday 27 Nov 2024
(Sharecast News) - Standard Chartered said on Wednesday that it is exploring the potential sale of its wealth & retail banking (WRB) businesses in Botswana, Uganda and Zambia.
This is the first in a small number of potential business exits "to fund incremental investment" in the wealth management business, it said. The bank said this aligns with the refreshed strategic priorities shared in its third-quarter results, which are aimed at accelerating income growth and returns.
Chief executive Bill Winters said: "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."
The bank said there will be no material financial impact from the proposed exits and that they should be considered as included in the guidance provided in the Q3 results.
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