StanChart Sells Zimbabwe Subsidiary on Move to Exit Africa, Middle East
Standard Chartered agreed to sell its subsidiary in Zimbabwe to local investment holding company FBC Holdings as part of plans to exit several African and Middle Eastern countries, Bloomberg reported Thursday.
The British bank said the deal is in line with its global strategy to achieve operational efficiencies, reduce complexity, and drive scale. It sold its Jordan unit in March and plans to fully exit Angola, Cameroon, Gambia, Lebanon, and Sierra Leone.
It also closed its retail banking operations in Tanzania and the Ivory Coast.
Standard Chartered Plc is embarking on selective lay-offs of employees across its Singapore, London, and Hong Kong hubs. It is part of the Asia-focused lender’s existing plan to cut costs by more than $1 billion through 2024, Bloomberg reported.
The bank has started trimming roles in middle office functions including human resources and digital transformation in Asia in the last few weeks, according to people familiar with the matter. #StanChart Sells Zimbabwe Subsidiary on Move to Exit Africa, Middle East
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