STANDARD CHARTERED TO EXIT CAMEROON

STANDARD CHARTERED TO EXIT CAMEROON

N Melo
by N Melo
April 16, 2022 0

STANDARD CHARTERED TO EXIT CAMEROON

Standard Chartered to exit a total of seven (07) countries in Africa and the Middle East

– Standard Chartered intends to stop its retail banking activities at the same time

– Standard Chartered has been operating in Cameroon since 1986


Standard Chartered, the British bank, announced that it will cease its activities in many countries including some African countries.
Standard Chartered will leave a total of seven (07) countries in Africa and the Middle East. The countries affected by this closure in Africa are Angola, Cameroon, Gambia, Sierra Leone and Zimbabwe.

This decision of the bank is justified by the desire of Standard Chartered to concentrate the bulk of activities on the fastest growing markets in the region. The markets in Africa and the Middle East affected by this upcoming exit generated only 1% of total revenue in 2021.
“We remain excited about a number of opportunities we see in the Africa and Middle East region, as exemplified by our new markets, but we remain vigilant in our assessment of where we can deliver significantly improved returns to shareholders,” said Standard Chartered CEO Bill Winters.

At the same time, Standard Chartered plans to close its retail, private and small business banking operations in Tanzania and Côte d’Ivoire. Thus, Standard Chartered will seek to target corporate, commercial and institutional clients.


Standard Chartered is a British bank founded in 1853, with headquarters in London. It is listed on the FTSE 100 index of the London Stock Exchange and is among the 30 largest British market capitalizations.

Standard Chartered has been operating in Cameroon since 1986. The services to individuals already occupied the congruent portion of its activity. As of February 2021, they accounted for 5.73% of the bank’s customer base, with 55.59% of its deposits coming from private companies and 21.39% from the central public administration.

 

N Melo
NM
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