KAMPALA, November 28, 2024 – Standard Chartered PLC is exploring the potential sale of its Wealth & Retail Banking [WRB] operations in Uganda, Botswana, and Zambia. The bank plans to refocus its resources in these markets on serving the cross-border needs of global corporate and financial institution clients.
Speaking at a media briefing yesterday, Sanjay Rughani, CEO of Standard Chartered Bank Uganda, said: “We intend to exit our WRB business in Uganda, subject to regulatory approvals. However, Standard Chartered will remain committed to Uganda, with a sole focus on our Corporate and Institutional Banking [CIB] business. We see significant opportunities in infrastructure, sustainable finance, and trade, which reinforce our commitment to Uganda and to Africa as a whole.”
He added that the bank would take a phased approach to the exit, with the process expected to take 18 to 24 months. “We urge the public and our customers to remain calm. We are open for business, and our branches and systems will continue to operate as usual,” Rughani emphasised.
Rughani further explained that Standard Chartered regularly reviews its operations to ensure it allocates resources where it can offer the most distinctive client proposition. The sale of its WRB business will enable the bank to focus on areas where it can leverage its strengths and best serve the cross-border needs of CIB clients.
The CEO also highlighted the bank’s ongoing investment in Uganda and across Africa, noting that the region remains a vital part of Standard Chartered’s global network. “A recent impact report by Steward Redqueen revealed that Standard Chartered Bank Uganda has contributed US$896 million in value-added impact in Uganda and supported 491,000 jobs, both directly and indirectly. More recently, we have financed infrastructure projects worth over US$1 billion,” he said.
Standard Chartered has previously divested its retail banking operations in other markets, such as Tanzania and Ivory Coast, and the outcomes in those countries were positive, accelerating the growth of the Corporate and Institutional Banking business.
“In Africa, we have also invested heavily in building core capabilities. Over the past five years, we’ve invested approximately US$ 300 million to upgrade our technology platforms and incubate Africa-based ventures. Our Wealth Assets Under Management [AUM] in Sub-Saharan Africa have more than doubled, from US$ 1.7 billion to US$ 4.0 billion over the last three years, with notable increases in Kenya and Nigeria. In CIB, we have recently financed over US$ 4 billion in sustainability, infrastructure, and national development projects. In recognition of our efforts, we were named the Global Export Finance Bank of the Year, including winning the ESG Loan and Infrastructure Finance Deal of the Year in 2024,” Rughani added.
He stressed that this strategic decision aligns with the bank’s focus on higher-growth and higher-returning segments.
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