Standard Chartered May Sell Consumer Banking Business in Lebanon

Standard Chartered Plc (STAN), the U.K. bank that gets more than three-quarters of its earnings in Asia, may sell its consumer banking unit in Lebanon as the lender cuts back on less profitable businesses.

The lender is reviewing the option of divesting its consumer banking business in Lebanon, a bank spokesman said, asking not to be named under company policy. The bank plans to continue wholesale banking services after any sale, he said

Standard Chartered has operated in Lebanon since 2000 and manages three branches and three priority banking centers, employing about 120 people, according to its website. In April, it appointed Dan Azzi, previously regional head of global markets and co-head of wholesale banking for Middle East, North Africa and Pakistan, as chief executive officer in Lebanon.

Standard Chartered plans to focus on business and countries that offer the most potential for profitable growth and pull back elsewhere, CEO Peter Sands told investors on a conference call today.

To contact the reporter on this story: Stefania Bianchi in Dubai at

To contact the editor responsible for this story: Dale Crofts at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.