Standard Chartered PLC, the parent company of Standard Chartered Bank Botswana, has announced that it is now considering selling its entire Botswana operations.
Previously, the Group had planned to sell only its Wealth and Retail banking business, with the intention of focusing solely on Corporate and Investment Banking (CIB). However, the latest update suggests the bank is now open to exiting the Botswana market completely, depending on the outcome of the sale process.
The bank announced that “bidders have made it clear that they see significant value in the combined scale of the full SC Botswana franchise – including in the potential for efficient funding, operational leverage, and client coverage”.
The Group has therefore decided to explore the potential sale of the full Standard Chartered Botswana franchise, the bank said, adding that this process is expected to take 12-15 months to complete and is subject to regulatory and other approvals.
Mpho Masupe, CEO and Head of Coverage, Standard Chartered Botswana, said the bank remains “committed to securing the best possible outcome for them, our clients, and our shareholders”.
“We strongly believe that Standard Chartered Botswana is well-placed to thrive under new ownership with the necessary local scale,” he said, adding that “we will work closely with colleagues and clients to minimise disruption during the sale process, which will take some time.”
