Standard Chartered Group has reached a decision to proceed with exploring the sale of its entire Botswana business, which includes both Corporate & Investment Banking (CIB) and Wealth and Retail Banking (WRB).
The move follows the Group’s earlier announcement in November 2024 of its intentions to sell its Botswana WRB business, aimed at driving income growth and returns, in line with its strategic priorities as disclosed in its Q3 2024 results.
StanChart noted that engagements with potential buyers revealed strong interest in the full Botswana franchise, with bidders seeing considerable value in the business due its funding efficiency, operational leverage and a broad client coverage.
Following bidders’ strong interest in the entire operation, the regional lender has resolved to explore the potential sale of its Botswana business.
Stakeholders’ remarks
Commenting on the development, Mr. Mpho Masupe, CEO and Head of Coverage, Standard Chartered Botswana said that the strength and attractiveness of the franchise underscore the hard work of the entire StanChart Botswana team.
“We strongly believe that Standard Chartered Botswana is well-placed to thrive under new ownership with the necessary local scale. We will closely work with colleagues and clients to minimize disruption during the sale process, which will take some time,” added Mr. Masupe.
On his part, Dalu Ajene, Head of coverage and CEO, Africa stated that the move aligns with Group’s strategy of combining differentiated cross-border corporate and investment banking capabilities and leading wealth management expertise for affluent clients.
Standard Chartered Wealth AUM growth
Mr. Ajene noted that over the last three years, wealth assets under management in sub-Saharan Africa more-than doubled from USD 1.7 billion to USD 4.0 billion, supported by growth in Kenya and Nigeria businesses.
The sale process, subject to regulatory approval is expected to be completed within 12-15 months.
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