In a statement released yesterday via its website, the
global banking group said the planned exits will enable it redirect resources
to markets where it has the greatest potential to grow and scale.
The banking group's Chief Executive Officer, Bill Winters,
offered further explanation on the situation, saying:
“As we set out earlier in the year, we are sharpening our
focus on the most significant opportunities for growth while also simplifying
our business. We remain excited by a number of opportunities we see in the AME
region, as illustrated by our new markets, but remain disciplined in our
assessment of where we can deliver significantly improved shareholder returns.
Collectively, our actions will position the AME franchise for the next phase of
growth after a very strong 2021 performance. We are grateful to our colleagues
and partners in each of these impacted markets for their hard work and
dedication and are committed to supporting them through this transition.”
As part of the restructuring, Standard Chartered will also
do away with all aspects of its private and business banking operations in
Tanzania and Ivory Coast, whilst focusing only on corporate, commercial and
institutional banking in those two countries.
In the meantime however, the proposed exists are still
subject to regulatory approval. As such, the statement by Standard Chartered
did not mention when the exits are expected to be finalised.
It's important to note that the full exists from the
above-mentioned African countries would leave Standard Chartered operating
mainly in Nigeria and Kenya for now. The company did obtain a preliminary
approval for a banking licence in Egypt.
Finally, the company reiterated its commitment to
continually serve its corporate and institutional customers in markets where it
can make the most impact.