Standard Chartered Considers Sale of Bahrain Wealth, Retail Banking Unit
Overview of Standard Chartered's Strategic Move in Bahrain
Details of the Potential Sale
DUBAI, June 23 (Reuters) - Standard Chartered said on Tuesday it is exploring the sale of its wealth and retail banking business in Bahrain, as the London-headquartered lender continues to focus its businesses and client segments where it has the greatest scale.
Impact on Other Banking Operations
The bank said its corporate and investment banking operations in Bahrain are not affected by the move.
Comments from Bank Leadership
Bongiwe Gangeni, head of wealth and retail banking for Europe, Middle East and Africa, said the bank would keep investing in the Middle East given strong client demand and long-term opportunities in the region.
Transition Timeline and Regulatory Approvals
She said the transition was expected to take 18 to 24 months, subject to regulatory approvals, with the business continuing as usual in the interim.
Background: Previous Exits and Divestments
The Bahrain move follows a series of retail and wealth banking exits by Standard Chartered in recent years as it sharpens its focus on corporate, institutional and affluent client business.
Recent Divestments in Africa
The bank has divested wealth and retail operations in Tanzania, Gambia, Cameroon, Angola and Sierra Leone and is in the process of exiting the segment in Uganda, Botswana and Zambia.
(Reporting by Hadeel Al Sayegh. Editing by Mark Potter)
