STANDARD CHARTERED TO EXIT CONSUMER, PRIVATE AND BUSINESS BANKING IN TANZANIA

The Group is currently present 59 markets and serves clients in a further 83.

• The banker is also set to permanently exit operations in seven markets in Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

London - Standard Chartered Bank is set to exit consumer, private and business banking in Tanzania and Cote d’Ivoire and will instead focus solely on corporate, commercial and institutional banking.

In a statement posted on the Bank’s website, the banker is also set to permanently exit operations in seven markets in Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

“Today the group announces a set of actions to redirect resources within its Africa and the Middle East region to those areas where it can have the greatest scale and growth potential, in order to better support its clients,” StanChart said in a statement on Thursday.

The move follows its rival Barclays Plc, which sold most of its stake in its African operations starting in 2016 to reduce the risk and capital burden that came with majority ownership of the businesses.

The markets that are set to be exited generated around one per cent of total Group income in 2021 and a similar proportion of profit before tax.

Continue Reading > > >