Standard Chartered has announced its decision to divest its wealth and retail banking operations in Bahrain, a strategic move to concentrate on core business areas and specific client segments.
The bank will maintain its corporate and investment banking activities in the Gulf state, highlighting its commitment to this market.
Regional Strategy
This decision aligns with the lender’s “super-connector” strategy, which emphasises cross-border banking and affluent clientele across Asia, Africa, and the Middle East according to its strategic report for 2025.
The divestment process is anticipated to occur over 18 to 24 months, contingent on obtaining regulatory approvals.
Bongiwe Gangeni, Head of Wealth & Retail Banking Europe, Middle East, and Africa at the bank, said the transition is expected to be phased over 18 to 24 months, subject to regulatory clearances. “During this period, our business will continue to operate on a business-as-usual basis to ensure an orderly transition and minimal disruption,” she said
During this transition, the bank intends to operate its Bahrain business as usual to ensure a smooth handover and minimal disruption for clients.
MENA Commitment
Standard Chartered has reaffirmed its long-term commitment to the Middle East, stating that it will continue to invest in areas with strong client demand and positive growth prospects.
The lender’s previous actions include the sale of its Jordanian operations to Arab Jordan Investment Bank in March 2023 as part of a broader strategy to exit several markets including Angola, Cameroon, Gambia, Lebanon, Sierra Leone, and Zimbabwe.
The bank’s focus has shifted towards more rapidly expanding markets, specifically Egypt and Saudi Arabia.
Standard Chartered is listed on the London and Hong Kong stock exchanges and the latest decision aligns with the bank’s strategy to maximise efficiency and growth in selected regions.
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