SCBZ Issues Further Cautionary Statement on Potential Sale of WRB Unit
Standard Chartered Bank Zambia Plc (SCBZ) has issued a further cautionary announcement, notifying shareholders and the investing public that it is still exploring options for the sale of its Wealth and Retail Banking (WRB) business.
The latest update, the fifth of its kind, follows the initial cautionary announcement released on November 27, 2024, in which the bank disclosed potential plans to divest from the WRB segment. If implemented, the move could significantly impact the company’s share price and strategic direction.
In a statement approved by the Lusaka Securities Exchange (LuSE) and the Securities and Exchange Commission (SEC), the bank’s Board of Directors emphasized that deliberations are ongoing and no final decision has been made at this stage.
“The Company is still exploring options for the sale of its WRB business,” read the notice signed by Company Secretary Doris Tembwe. “Shareholders and the investing community are urged to continue exercising caution and consult their investment advisors when dealing in the Company’s securities.”
The potential divestment aligns with Standard Chartered’s global strategy of refocusing on high-growth markets and segments. However, the bank reaffirmed its commitment to transparency and regulatory compliance as it continues evaluating possible transactions.
The cautionary announcement was released with the support of Stockbrokers Zambia Limited, the bank’s LuSE sponsoring broker.
