StanChart ponders selling its Zambia’s wealth, retail banking

By GRACE CHAILE

STANDARD Chartered Bank has announced plans to potentially sell its Wealth and Retail Banking (WRB) business in Zambia.
The Bank’s Chief Executive Officer (CEO), Sonny Zulu explained that the move did not signal an exit from the Zambian market.
Instead, the bank intends to refocus its efforts on its Corporate and Institutional Banking (CIB) segment.
“We see substantial opportunities in infrastructure, sustainable finance, and trade, reinforcing our commitment to Zambia and Africa,” Mr Zulu stated.
Mr Zulu state that the transition would be carried out gradually, taking approximately 18 to 24 months.
He urged the public and customers to remain calm, assuring them that the bank’s operations will continue as usual.
“We are open for business. Our branches and systems remain operational. It is business as usual. Additionally, we are committed to managing this process in partnership with our key stakeholders to minimise disruptions for clients,” he said.
Mr Zulu explained that the decision to diversify from the WRB business was strategic and not due to any operational failure.
“This move allows us to allocate resources to higher-growth and higher-returning segments. It’s about sharpening our focus where we can best serve our clients,” he noted.
He further reassured staff that there will be no job losses during the transition.
“There is no restructuring or layoffs. Our staff will continue working, and when a buyer is found, we will ensure their interests are protected throughout the transition,” he reaffirmed.
The sale of the WRB business, according to Mr Zulu, would enable the bank to concentrate on its core strengths, particularly serving the cross-border needs of CIB clients and customers.