Leading financial institution, Standard Chartered Plc has has announced plans to end business operations in seven African and Middle East countries.
The move is due to a significantly low income it generates from the markets.
According to the bank’s statement on its website, the exit from Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe is part of the move by the British banking and financial service group to improve profits as it gives attention to faster-growing markets, pointing out a possibility of selling the business in the regions.
In addition, it said it is also closing its retail banking operations in Tanzania and Ivory Coast but will continue corporate banking in both regions, adding that the group remains focused on serving its clients where it can make the most impact.
The bank said the action became necessary for the bank to redirect resources within its Africa and the Middle East (“AME”) region to those areas where it can have the greatest scale and growth potential, in order to better support its clients.