United Kingdom-based Standard Chartered Bank has announced plans to exit from Zimbabwe and six other countries as part of a restructuring exercise aimed at cutting costs.
In a statement on Thursday, Standard Chartered Group chief executive Bill Winters said the bank plans to leave Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe, as well as close its retail banking units in Tanzania and Ivory Coast to focus only on corporate banking.
“As we set out earlier in the year, we are sharpening our focus on the most significant opportunities for growth while also simplifying our business,” Winters said.
He revealed that the seven countries where the bank was shutting down operations generated around one percent of its total income in 2021. The financial institution currently operates in 59 countries and serves clients in a further 83.
One of Zimbabwe’s largest financial institutions, Standard Chartered has operated in the southern African country since 1892.
It has, however, significantly slashed its presence in Zimbabwe over the past few years to remain with just two branches while servicing most of its clients via digital channels.
JN/APA