Standard Chartered Bank Weighing Exit From Africa

By Semafor Africa Photos: YouTube Screenshot\Wikimedia Commons Standard Chartered Bank is considering divesting from its wealth management and retail banking units in Botswana, Zambia and Uganda, the lender disclosed on Wednesday. It is part of a plan to free up cash amid an extensive restructuring of its business. If undertaken, the company said it would focus its resources in the three countries on “serving the cross-border needs of global corporate and financial institution clients.” On Wednesday, Nigeria’s Access Bank also announced it had completed the acquisition of Standard Chartered’s subsidiaries in Angola and Sierra Leone. The London-based lender, which generates much of its earnings in Asia, is shifting its focus towards affluent customers and international companies. The bank aims to invest $1.5 billion in its “fast-growing and high-returning” wealth management business over five years — double the previously planned amount, while scaling back retail banking operations around the world. — Martin K.N Siele The post Standard Chartered Bank Weighing Exit From Africa appeared first on Black Star News.