Standard Chartered Considers Pulling Out of African Markets

Standard Chartered is contemplating selling off its wealth management and retail banking divisions in Botswana, Zambia, and Uganda.

The bank disclosed on Thursday that it is considering this step as a part of its strategy to generate cash during a major restructuring of its operations.

Should it follow through with the plan, the institution said it would concentrate its efforts in these three nations on “addressing the cross-border requirements of global corporate and financial institution clients.”

On the same day, Access Bank of Nigeria announced it had completed the acquisition of Standard Chartered’s subsidiaries located in Angola and Sierra Leone.

The London-headquartered bank, which primarily derives its earnings from Asia, is redirecting its attention toward affluent clients and international businesses.

The lender plans to invest $1.5 billion into its “quickly growing and highly profitable” wealth management sector over the next five years—twice the amount it had previously intended—while reducing its retail banking presence globally.