Standard Chartered Bank Botswana has shortlisted bidders eyeing to acquire its wealth and retail divisions.
The bank announced the sale of the divisions in November last year as part of a restructuring strategy by its UK-based parent company, which also impacted the Zambia and Uganda subsidiaries.
"The Board wishes to inform the shareholders and the market that the Company has shortlisted bidders for the sale of its WRB business and is currently in the process of evaluating their proposals," the bank said.
By offloading the operations in Botswana, Uganda and Zambia, as well as more markets to come, Standard Chartered, whose Botswana subsidiary recorded a P254 million profit in its latest financial results, is aiming to save around $1.5 billion over three years.
It will then shift its focus to markets with affluent individual customers and international companies that are likely to yield more in fees for the bank. These markets are mostly in Asia and present the most clear path to growth for the bank.
Standard Chartered said the potential exits in Africa would be the first in a small number of business divestitures per its new target of doubling investment in its wealth unit while paring back retail banking.