Standard Chartered Bank has strategically undertaken the sale of its consumer and banking business in Ivory Coast to Coris Group, marking an important step in the bank's broader divestment plan initiated in April 2022.

This move, subject to regulatory approvals and a smooth business transfer, signals the bank's commitment to optimizing its operations and concentrating on growth prospects in the Africa and Middle East (AME) region.

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

Kaushal stated that the agreement marked a milestone in Standard Chartered’s journey in the AME region.

He highlighted the significance of the agreement in streamlining the business and providing further impetus to the delivery of best-in-class services and expertise to their clients.

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"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."

Kaushal further elaborated on the broader strategy, saying, "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."

Despite divesting its consumer and banking business, Standard Chartered Bank will retain a presence in Ivory Coast, specifically focusing on corporate, commercial, and institutional banking activities.

Kaushal underscored the bank's commitment to prioritizing customer satisfaction and the well-being of its employees during this strategic transition.

Coris Group, as the third largest banking group in the West African Economic and Monetary Union (WAEMU), views this acquisition as a strategic opportunity to enhance its presence and services.

"The Pan-African banking group Coris aims to offer our best quality of service, reassuring our new clients of our institution’s ability to preserve and strengthen the quality of service," NASSA assured.

This divestment in Ivory Coast follows a series of strategic exits in various markets, including Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan, and the consumer banking business in Tanzania.

Standard Chartered's global strategy is centred on improving efficiency, reducing complexity, and scaling its presence across AME.

Highlighting the progress of this strategy, the bank successfully concluded the transaction in Jordan, transferring the business to the new buyer in August 2023.

Looking ahead, Standard Chartered anticipates finalizing the sale of its consumer banking business in Côte d’Ivoire in the coming months, marking the conclusion of this impactful strategic initiative.