Standard Chartered Advances Sale Process of Wealth and Retail Banking Business
Standard Chartered Bank Zambia PLC (“SCBZ” or “the Company”) has announced that it is progressing with the potential sale of its Wealth and Retail Banking (WRB) business. This update follows a series of cautionary announcements beginning with the initial notice on 27 November 2024.
The Bank’s Board of Directors has informed shareholders and the investing public that it has now shortlisted bidders for the WRB business and is actively evaluating their proposals. This sale, if implemented, could have a material impact on the price of the Company’s securities.
Investors are advised to exercise caution and seek guidance from licensed investment advisors or stockbrokers when trading shares of SCBZ until a full announcement is made.
The announcement has received the necessary approvals from the Lusaka Securities Exchange, the Securities and Exchange Commission of Zambia, and Standard Chartered Bank Zambia PLC.
Doris Tembwe, Company Secretary, emphasised the importance of investor vigilance during this period of evaluation.
