Standard Chartered May Sell Consumer Banking Business in LebanonStefania Bianchi
Standard Chartered Plc, 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.