27th Nov 2024 09:15
(Alliance News) - Standard Chartered PLC on Wednesday said it is considering selling a number of businesses in Africa to fund investment elsewhere on the continent.
The British bank said subsidiaries in Botswana, Uganda and Zambia, which formed part of its wealth and retail banking arm, could be on the chopping block.
Standard Chartered indicated the potential disposals would support income growth and allow it to focus "on serving the cross-border needs of global corporate and financial institution clients" in the region.
Chief Executive Officer Bill Winters added that Africa "remains core to our global network", with Standard Chartered hubs remaining in Kenya and Nigeria. Winters added: "We are confident that the greater concentration resulting from the proposed sales will help us to continue to outperform the market."
Standard Chartered noted it did not consider the potential exits from these subsidiaries "material to the group as a whole".
Standard Chartered shares were up 0.2% at 961.80 pence each on Wednesday morning in London.
By Holly Munks, Alliance News reporter
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