Standard Chartered Plc is selling its consumer-banking business unit in the Ivory Coast to West African lender Coris Bank International SA as it completes plans to streamline businesses in the Africa and Middle East.
The European lender did not disclose what proceeds it will receive from the sale, which is expected to be completed in the next few months and is subject to regulatory approval.
Standard Chartered has divested units across Africa since April 2022, with the stated goal of reducing complexity and driving scale. It has sold businesses in Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan and Tanzania.
“The successful conclusion of the bank’s strategic divestments will see us double down on growth opportunities in AME,” Sunil Kaushal, chief executive officer of Standard Chartered Africa and the Middle East, said in a statement.
Coris Bank, which also operates in nine West African countries including Ivory Coast, Mali and Niger, said it’s keen to grow its presence in region.
Standard Chartered Bank will maintain a presence in the country through its corporate, commercial and institutional banking business.
Credit: Bloomberg
