Standard Chartered to divest retail business in Bahrain

British bank Standard Chartered plans to sell its wealth and retail banking operation in Bahrain to focus on core businesses and client segments.

The lender will continue to operate its corporate and investment banking business in the Gulf state, it said in a statement.

The move aligns with the lender’s “super-connector” strategy to focus on cross-border and affluent clients in Asia, Africa and the Middle East, as outlined in its 2025 strategic report.

Bongiwe Gangeni, head of wealth and retail banking for Europe, the Middle East and Africa at Standard Chartered, said the transition is expected to be phased over 18 to 24 months, subject to regulatory clearances.

“During this period, our business will continue to operate on a business-as-usual basis to ensure an orderly transition and minimal disruption,” she said.

Standard Chartered remains committed to the Middle East and will keep investing in businesses with strong client demand and long-term prospects, the statement said.

• Standard Chartered to expand Gulf wealth management team
• Standard Chartered sells Jordan business as part of global strategy
• Bahraini banks prepare to discuss key merger terms

The lender is listed on the London and Hong Kong stock exchanges.

In March 2023, the bank agreed to sell its businesses in Jordan to Arab Jordan Investment Bank.

In April 2022, Standard Chartered announced plans to leave seven markets: Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

The bank plans to focus instead on faster-growing markets such as Egypt and Saudi Arabia.