StanChart Plans to Exit Zimbabwe as it shifts focus to faster growth markets

[Bulls n Bears]

LONDON - Standard Chartered Plc is planning to exit its operations in seven
countries in Africa and the Middle East as the lender looks to focus
attention on the region's largest and fastest growing markets including
Saudi Arabia and Egypt.

 

The lender said in a statement Thursday that it will no longer have a
presence in Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and
Zimbabwe. It will also exit consumer, private and business banking
businesses in Tanzania and the Ivory Coast to focus solely on corporate,
commercial and institutional banking there.

 

The markets it plans to exit made up about 1% of total group income in 2021
and a similar proportion of profit before tax, according to the statement.
The lender said it remained committed to the region and has recently opened
its first branch in Saudi Arabia and obtained preliminary approval for a
banking license in the Arab Republic of Egypt.

 

"We are sharpening our focus on the most significant opportunities for
growth while also simplifying our business," Chief Executive Officer Bill
Winters said in the statement.

 

The moves are subject to regulatory approval, the lender said in the
statement.-wires

 

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