Standard Chartered Bank to Exit Wealth and Retail Business in Zambia, Focuses on Corporate Banking
Standard Chartered Bank Zambia has announced plans to exit its Wealth and Retail Banking (WRB) business in the country as part of a strategic move to sharpen its focus on Corporate and Institutional Banking (CIB).
This decision is part of the Group’s efforts to serve the cross-border needs of global corporate and financial institution clients. Similar exits are being considered in Botswana and Uganda.
Standard Chartered Bank Zambia CEO, Sonny Zulu, reassured clients that the transition would be phased over the next 18 to 24 months, pending regulatory approvals. “We urge the public and our customers to remain calm. We are open for business, and our branches and systems continue to operate as normal. It is business as usual,” he said.
Zulu emphasized that the move was a strategic decision rather than an operational failure. The bank intends to focus on areas with substantial growth potential, including infrastructure, sustainable finance, and trade.
He reiterated the Group’s commitment to Zambia, highlighting recent investments such as the new US$40 million head office and the refurbished Addis Ababa traffic circle.
Over the past five years, Standard Chartered has injected approximately US$300 million into upgrading technology platforms and supporting Africa-based ventures. In Zambia, the bank has been instrumental in financing sustainability and infrastructure projects worth over US$4 billion.
With Wealth Assets Under Management in Sub-Saharan Africa doubling from US$1.7 billion to US$4 billion in three years, and recognition as a global leader in export and ESG financing, the Group remains committed to delivering high-value services across its network.
Standard Chartered has pledged to manage the transition with minimal disruption, working closely with stakeholders while keeping clients informed throughout the process.
