StanChart Plans to Exit Seven Markets in Africa, Middle East
- Lender says it will instead focus on faster growing markets
- Markets to be exited made up around 1% of total group income
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Standard Chartered Plc is planning to exit its operations in seven countries in Africa and the Middle East as the lender looks to focus attention on the region’s largest and fastest growing markets including Saudi Arabia and Egypt.
The lender said in a statement Thursday that it will no longer have a presence in Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. It will also exit consumer, private and business banking businesses in Tanzania and the Ivory Coast to focus solely on corporate, commercial and institutional banking there.