StanChart sells consumer banking business in Ivory Coast
Standard Chartered Plc is finalizing the sale of its consumer-banking unit in the Ivory Coast to West African lender Coris Bank International SA, marking a significant step in the bank's broader strategy to streamline operations across Africa and the Middle East (AME).
The transaction, contingent upon regulatory approvals and the transfer of business operations, signifies the conclusion of the divestment process from various markets, a plan initially disclosed in 2022.
Sunil Kaushal, Chief Executive Officer of Standard Chartered AME, emphasized that this agreement represents a milestone in Standard Chartered's regional journey. It aligns with their commitment to streamline business operations, allowing them to focus on delivering top-notch services and expertise to their clients.
The anticipated conclusion of the sale of Standard Chartered's Consumer banking business in Côte d'Ivoire, expected in the coming months, marks the final step in a strategic series of divestments. This divestment initiative, announced in April 2022, encompassed various markets including Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan, and the Consumer banking business in Tanzania. As part of the bank's global strategy, these divestments aim to achieve operational efficiencies, reduce complexity, and enhance scale in its presence across the Africa and Middle East (AME) region. The transaction in Jordan has already been completed, with the business officially transferred to the new buyer in August 2023. The migration of other businesses to their respective buyers is progressing according to plan, aligning with Standard Chartered's strategic objectives.