Standard Chartered to Exit Onshore Operations in Several Africa and Middle East Markets
14 Abril 2022 - 6:43AM
Dow Jones News
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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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