A standard African bailing
Standard Chartered says it will fully exit operations in seven countries in Africa and the Middle East (AME) region as part of plans to upscale its businesses.
The countries include Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. In a statement, the bank said it would also exit its consumer, private and business banking businesses in Tanzania and Cote d’Ivoire. The multinational lender added it would focus solely on its corporate, commercial and institutional banking in both countries.
What’s the bank’s performance in these countries?
Not very good. According to the bank, it would be leaving these markets as they generated around 1% of its total group 2021 income and a similar proportion of profit before tax. “The Group remains focused on serving its clients where it can make the most impact. The Group will continue to serve corporate and institutional clients and facilitate cross-border capital flows and offshore business in all the above markets from its international network”, it said.
What’s the bank’s spread globally?
The Group is currently present in 59 markets and serves clients in a further 83. Chief Executive Bill Winters said: “As we set out earlier in the year, we are sharpening our focus on the most significant opportunities for growth while also simplifying our business.” In January, Standard Chartered announced the closure of 50% of its branches in Nigeria to embrace digital banking.