Standard Chartered is considering selling its wealth and retail banking units in Botswana, Uganda, and Zambia to boost investments in wealth management. This aligns with its strategic priorities as the bank seeks to optimize resource allocation and expand its services.
Standard Chartered is reportedly evaluating the sale of its wealth and retail banking divisions in Botswana, Uganda, and Zambia to redirect funds into expanding its wealth management efforts. This consideration is part of a broader strategy that aims to streamline operations and enhance focus on core clients in Africa, where the bank has a longstanding presence and has significantly increased its wealth management assets.
The strategic move stems from Standard Chartered’s ongoing assessment of its business model effectiveness. The bank, which has been operating in Africa for 170 years, has prioritized the region, notably doubling wealth assets under management in sub-Saharan Africa since 2021. This reflects a commitment to strengthening its position and resources for affluent clients in important markets.
Standard Chartered’s exploration of business sales in specific countries aligns with its strategic priorities aimed at bolstering its wealth management capabilities. The $1.5 billion additional investment planned over the next five years further emphasizes the bank’s intent to enhance client services, advisory roles, and digital solutions.
Original Source: www.fintechfutures.com
