By Sabela Ojea

 

Standard Chartered PLC said Thursday that it intends to exit onshore operations in seven markets in the Africa and Middle East region, as well as in another two markets, so it can focus on its corporate, commercial and institutional banking business.

The Asia-focused bank said that it has decided to leave Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

In Tanzania and Cote d'Ivoire, the FTSE 100 listed lender's consumer, private and business banking businesses will be exited and the focus will turn solely to corporate, commercial and institutional banking, it said.

"The markets that will be exited generated around 1% of total group 2021 income and a similar proportion of pretax profit," Standard Chartered said.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

April 14, 2022 05:28 ET (09:28 GMT)

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