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UK’s Standard Chartered Bank to exit Sierra Leone and four other African countries
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Blog - SwitSalone
The UK banking firm Standard Chartered is planning to exit Angola, Cameroon, Gambia, Sierra Leone, and Zimbabwe.
Standard Chartered will refocus its Africa and the Middle East franchise on what it sees as high-growth markets, such as Saudi Arabia and Egypt.
The bank’s operating profit for 2021 in Africa and the Middle East was USD 856 million, the highest they have seen since 2015.
Atlas Mara Ltd, listed on the London Stock Exchange, purchased banks in seven African countries in recent years.
In 2016 also, Barclays left Africa, selling off a 62.3% stake in Barclays Africa Group.
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