Standard Chartered eyes sale of some African subsidiaries

Standard Chartered announced on Wednesday that it is exploring the sale of several businesses in Africa to fund further investment in other parts of the continent.

Standard Chartered eyes sale of some African subsidiaries

The British bank revealed that its subsidiaries in Botswana, Uganda, and Zambia, which are part of its wealth and retail banking division, may be sold off. The bank explained that these potential disposals would help drive income growth and allow it to concentrate on meeting the cross-border needs of global corporate and financial institution clients in the region.

CEO's comment

Chief Executive Officer Bill Winters emphasized that Africa remains a key part of Standard Chartered’s global network, with the bank’s operations continuing in Kenya and Nigeria. He stated, "We are confident that focusing our efforts through these proposed sales will help us continue to outperform the market." Standard Chartered also clarified that it does not view the possible exits of these subsidiaries as "material to the group as a whole."