The move aligns with Standard Chartered’s aim to bolster its affluent franchise. Credit: Konektus Photo/Shutterstock.

British banking group Standard Chartered is considering the sale of select wealth and retail banking (WRB) businesses in Africa.

The decision to explore the sale of its WRB units in Botswana, Uganda, and Zambia is part of a strategic refocus, as outlined in the bank’s third quarter 2024 results.

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Instead, the bank aims to increase investment in its affluent franchise.

It plans to redirect resources from the aforesaid markets to better serve the cross-border requirements of its global corporate and financial institution clients.

Standard Chartered Group CEO Bill Winters said: “We continually assess the efficacy of our global business model and regularly take action to concentrate resources where we have the most distinctive client proposition.

“We have invested heavily in recent years in Africa, where we have operated for 170 years, and which remains core to our global network.

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“We have more-than doubled Wealth assets under management in sub-Saharan Africa since 2021 – driven by our hubs in Kenya and Nigeria – and we are confident that the greater concentration resulting from the proposed sales will help us to continue to outperform the market.”

The financial impact of these potential business exits is considered non-material for the group.

Standard Chartered, listed on both the London and Hong Kong stock exchanges, has presence in 52 markets worldwide.

In April this year, the UN Office for Disaster Risk Reduction (UNDRR), Standard Chartered, and KPMG called for a major overhaul in adaptation and resilience financing, focusing on emerging economies ahead of COP29.