Standard Chartered Plc has announced the commencement of a strategic move to fully exit some African and Middle East markets.
The bank in a statement said the markets are Cameroon, Gambia, Angola, Zimbabwe, Sierra Leone and two other markets in the Middle East.
The global banking group said the planned exits will enable it redirect resources to markets where it has the greatest potential to grow and scale.
As part of the restructuring, the statement said Standard Chartered will also do away with all aspects of its private and business banking operations in Tanzania and Ivory Coast, whilst focusing only on corporate, commercial and institutional banking in those two countries.
The planned exit is, however, subject to regulatory approval, the bank said.
The banking group’s Chief Executive Officer, Bill Winters, explained that the bank is sharpening its focus on the most significant opportunities for growth while also simplifying its business.
“We remain excited by a number of opportunities we see in the AME region, as illustrated by our new markets, but remain disciplined in our assessment of where we can deliver significantly improved shareholder returns,” he said.
“Collectively, our actions will position the AME franchise for the next phase of growth after a very strong 2021 performance. We are grateful to our colleagues and partners in each of these impacted markets for their hard work and dedication and are committed to supporting them through this transition.”