• Thursday, April 18, 2024
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Standard Chartered sells consumer banking business in Côte d’Ivoire to Coris Group

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Standard Chartered has entered into an agreement with Coris Group for the sale of its consumer banking business in Côte d’Ivoire. Subject to Regulatory approvals and the transfer of business, this marks the completion of the Divestment process from various markets, first announced in April 2022.

The agreement was announced by Sunil Kaushal, CEO of Standard Chartered Africa and the Middle East (AME), and Idrissa NASSA, Coris Group Chairman.

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Sunil Kaushal, CEO of Standard Chartered AME, said: “This agreement marks a milestone in Standard Chartered’s journey in the AME region towards streamlining the business and providing further impetus to our delivery of best-in-class services and expertise to our clients. The successful conclusion of the Bank’s strategic divestments will see us double-down on growth opportunities in AME by leveraging our long track record in the region. Alongside Coris Bank International, we are confident that this transition will be executed seamlessly as part of our commitment to prioritise the satisfaction of retail customers, the wellbeing and stability of our people.”

Standard Chartered Bank will maintain its presence in Cote D’Ivoire with focus on its Corporate, Commercial and Institutional Banking business where the Bank will continue to deliver best-in-class services to its clients.

Idrissa NASSA, President of Coris Group, welcomed the finalisation of this agreement as follows: “The acquisition of Standard Chartered Bank’s retail segment in Côte d’Ivoire is strategic to further strengthen Coris Bank International’s positioning in this emerging country. We will continue the satisfaction of this privileged clientele through our offers reinforced with new products and innovative services. The third largest banking group in the WAEMU, the Pan-African banking group Coris, aims to accelerate growth in its areas of presence, and this acquisition is an opportunity for us to offer our best quality of service. We reassure our new clients of our institution’s ability to preserve and strengthen the quality of service.”

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Expected to reach completion in the next few months, the sale of Standard Chartered’s Consumer banking business in Côte d’Ivoire is the last in a series of strategic divestments announced in Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan, and the Consumer banking business in Tanzania since April 2022. These divestments come as part of the Bank’s global strategy aimed at delivering efficiencies, reducing complexity, and driving scale in its presence across AME. The transaction in Jordan was successfully completed, with the business officially transferred to the new buyer in August 2023, and the migration of other businesses to their respective buyers is proceeding as planned.