Standard Chartered PLC (LSE:STAN) has announced plans to explore the sale of its wealth and retail banking businesses in Botswana, Uganda, and Zambia.
In these territories, the bank still plans to service “the cross-border needs of global corporate and financial institution clients”.
The bank said the move comes as it is "refreshing strategic priorities" as communicated previously in its third-quarter results, with the focus now on “accelerating income growth and returns.”
Standard Chartered said the exits would not be material to the group as a whole.
"We continually assess the efficacy of our global business model and regularly take action to concentrate resources where we have the most distinctive client proposition,” chief executive Bill Winters said in a statement.
“We have invested heavily in recent years in Africa, where we have operated for 170 years, and which remains core to our global network.
“We have more-than doubled Wealth assets under management in sub-Saharan Africa since 2021 - driven by our hubs in Kenya and Nigeria - and we are confident that the greater concentration resulting from the proposed sales will help us to continue to outperform the market."