Standard Chartered Bank to Exit Operations in Sierra Leone
Bernice Bangura Standard Chartered Plc is planning to exit its operations in seven countries in Africa and the Middle East as the lender looks to focus attention on the region’s largest and fastest growing markets including Saudi Arabia and Egypt.
According to a statement on Thursday, Standard Chartered said it will no longer have a presence in Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.
Sierraloaded understands that Standard Chartered has been operating in Sierra Leone since 1894 (128 Years) serveing two client segments in three regions, supported by six global functions. The country’s first Agency Branch in in Cline Town.
According to the bank, the markets it plans to exit made up about 1% of total group income in 2021 and a similar proportion of profit before tax. The lender said it remained committed to the region and has recently opened its first branch in Saudi Arabia and obtained preliminary approval for a banking license in the Arab Republic of Egypt.
Standard Chartered Group CEO, Bill Winters, said: “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.”