Standard Chartered explores sale of Bahrain wealth and retail unit

Source: Reuters.

The bank said its corporate and investment banking operations in Bahrain are not affected by the move.

Bongiwe Gangeni, head of wealth and retail banking for Europe, Middle East and Africa, said the bank would keep investing in the Middle East given strong client demand and long-term opportunities in the region.

She said the transition was expected to take 18 to 24 months, subject to regulatory approvals, with the business continuing as usual in the interim.

The Bahrain move follows a series of retail and wealth banking exits by Standard Chartered in recent years as it sharpens its focus on corporate, institutional and affluent client business.

The bank has divested wealth and retail operations in Tanzania, Gambia, Cameroon, Angola and Sierra Leone and is in the process of exiting the segment in Uganda, Botswana and Zambia.