Standard Chartered, a British multinational bank, is exploring the sale of its wealth and retail banking units in Botswana, Uganda, and Zambia. This move is part of the bank’s efforts to refocus its operations and improve its financial performance. The sale process is currently underway, with Standard Chartered seeking bids from potential buyers. The bank’s retail and wealth units in these three African countries are expected to be sold as standalone entities, with the goal of extracting maximum value from the businesses. The sales are intended to raise capital and help the bank to restructure its operations and improve its competitiveness in the face of increasing competition in the banking industry. The development is likely to have significant implications for the financial services sector in the affected countries, with potential buyers including local and international banks, as well as private equity firms.
Standard Chartered is reportedly considering a potential divestment of its wealth and retail banking operations in Botswana, Uganda, and Zambia, according to industry sources.
by newsworm | Dec 2, 2024 | Banking, Standard Chartered