Standard Chartered Streamlines Operations: Sells Consumer Banking Business in Côte d’Ivoire to Coris Group

Standard Chartered has finalized an agreement with Coris Group for the sale of its consumer banking business in Côte d’Ivoire, marking a significant step in the bank’s strategic divestment process initiated in April 2022. The agreement, subject to regulatory approvals and business transfer, underscores Standard Chartered’s commitment to optimizing its operations in the Africa and Middle East (AME) region. This move aims to enhance the delivery of best-in-class services while focusing on growth opportunities and reinforcing its presence in key sectors.

Key Points:

1. Divestment Decision:
   • Standard Chartered’s agreement with Coris Group is part of the bank’s broader divestment strategy from various markets.
   • First announced in April 2022, this divestment reflects the bank’s commitment to streamlining its business operations in the AME region.
2. Strategic Focus on Growth Opportunities:
   • Sunil Kaushal, CEO of Standard Chartered AME, emphasizes the milestone achieved in streamlining the business.
   • The divestment enables Standard Chartered to concentrate on growth opportunities in the AME region, leveraging its extensive track record.
3. Commitment to Seamless Transition:
   • The CEO expresses confidence in a seamless transition, highlighting a collaborative effort with Coris Bank International.
   • The bank underscores its dedication to prioritize retail customers’ satisfaction, employee well-being, and stability during this strategic realignment.
4. Retained Presence in Cote D’Ivoire:
   • Standard Chartered will maintain its presence in Cote D’Ivoire, focusing on corporate, commercial, and institutional banking business.
   • The bank reaffirms its commitment to delivering best-in-class services to clients in these sectors.

Conclusion: Standard Chartered’s agreement with Coris Group to divest its consumer banking business in Côte d’Ivoire signifies a pivotal step in the bank’s strategic realignment efforts in the AME region. The move underscores a commitment to optimizing operations, enhancing client services, and seizing growth opportunities. With a focus on a seamless transition and maintaining a presence in key sectors, Standard Chartered demonstrates strategic foresight and adaptability in aligning its business to meet evolving market dynamics and client needs.