Renee Bonorchis
THE AFRICAN continent remained part of Standard Chartered’s consumer banking plans even as the lender reviewed its global branch network, the British bank that has operated in Africa for more than 150 years said yesterday.
While the lender was considering closing branches as more customers migrated to online and mobile transactions, it was still Standard Chartered’s “ambition to be the leading international retail bank within our footprint in Africa, Asia and the Middle East”, Diana Layfield, the Africa chief executive for the lender, said on Friday.
She added: “With digital access comes a reduction in branch traffic, so it is only natural for us to review our current branches and optimise our digital platforms.”
Standard Chartered said last year it might close 80 to 100 out of more than 1 200 branches globally, and said this month it would cut about 4 000 jobs at its consumer operations to restore its profit growth.
It has not said where the shutdowns or job reductions will be. The lender rebuffed at least one potential buyer of its African operations, according to two people with knowledge of the talks.
“As this is an ongoing process, we are unable to provide a geographic breakdown at this stage,” Layfield said.
Standard Chartered has offices in 16 African countries. – Bloomberg