Standard Chartered Bank Zambia has announced the divestment of its Wealth and Retail Banking (WRB) business in Zambia, in a significant strategic shift that will see it focus on its corporate and institutional clients.
Announcing the plans in Lusaka today, Standard Chartered Bank Zambia Chief Executive Officer, Sonny Zulu, said the sale of the WRB business would allow the bank to focus on serving the cross-border needs of its global corporate and financial institutional clients.
Reminiscent of the decision taken by the then Barclays Bank Zambia years ago, the move is part of the bank’s broader strategy to concentrate its resources on its Corporate and Institutional Banking (CIB) business, where it sees substantial opportunities for growth.
Zulu reassured customers and the public that the bank remained committed to Zambia and would continue to operate its CIB business in the country.
“We see substantial opportunities in infrastructure, sustainable finance, and trade, reinforcing our commitment to these areas within Zambia and, indeed, Africa,” Zulu said.
He added that the bank has invested heavily in Zambia and Africa in recent years, a region that remains core to its global network.
The sale process is expected to take between 18 and 24 months to complete. Customers have been assured of “business as usual” during this period.
Zulu explained that the decision to sell the WRB business was not due to operational failure but rather a strategic decision to focus on higher-growth and higher-return segments.
As the bank navigates this strategic shift, Zulu reassured staff that there would be no job losses.
“We are committed to managing this process in partnership with our key stakeholders to minimize disruption to clients,” he said.
