Standard Chartered PLC has announced plans to explore the sale of its Wealth and Retail Banking (WRB) business in Ghana.
The report indicates that standard Chartered PLC has announced plans to explore the sale of its Wealth and Retail Banking (WRB) business in Ghana.
It further notes that this is part of a broader strategy to focus on businesses and client segments where it enjoys greater scale and a stronger competitive advantage.
According to a statement issued by the bank, the move forms part of the Group’s regular portfolio review process aimed at sharpening its focus on areas with the most differentiated client proposition.
The bank emphasised that the decision does not affect its Corporate and Investment Banking (CIB) operations in Ghana, which will continue to operate and support clients through Standard Chartered’s international network, cross-border capabilities and sector expertise.
Any potential transaction, the bank said, remains subject to regulatory approvals.
Chief Executive Officer of Standard Chartered Bank Ghana and Head of Coverage, Xorse Godzi, stated the retail banking business remains a strong franchise.
“Our WRB business in Ghana is a strong franchise with an established client base and talented colleagues. We believe that it is well-positioned to continue to succeed under new ownership.”
He added: “We are focused on the next phase of our growth by prioritising businesses where we have a strong competitive advantage and a distinctive cross-border proposition.”
Mr Godzi stated Ghana remains central to Standard Chartered’s international network.
“Ghana remains a core part of our international network, and we continue to see long-term opportunities driven by trade, infrastructure investment and capital flows.”
He stated that the transition is expected to take between 18 and 24 months, subject to regulatory approvals.
“During this period, it will be business-as-usual for clients, with continued engagement to ensure an orderly transition and minimal disruption,” he said.
Bongiwe Gangeni, Head of Wealth and Retail Banking for Europe, Middle East and Africa at Standard Chartered, stated the Group remains focused on deploying capital where it generates the greatest returns and strategic impact.
“We continue to actively review our portfolio to ensure capital is deployed where it delivers the strongest returns and strategic impact.”
