Standard Chartered has recently finalised an agreement with Coris Group for the divestment of its consumer banking business in Côte d’Ivoire.
The completion of this transaction, contingent upon regulatory approvals and the seamless transfer of business operations, is the culmination of a broader divestment initiative spanning various markets. The initial announcement of this move was made by Standard Chartered in April 2022.
The announcement of the agreement was made jointly by Sunil Kaushal, CEO of Standard Chartered Africa and the Middle East (AME), and Idrissa NASSA, Chairman of Coris Group. Sunil Kaushal emphasised the significance of this agreement in Standard Chartered’s journey within the AME region, highlighting the commitment to streamline business operations and enhance the delivery of top-tier services and expertise to clients.
He expressed confidence in doubling down on growth opportunities in AME by leveraging the bank’s extensive regional experience. Standard Chartered will maintain its presence in Côte d’Ivoire, focusing on Corporate, Commercial, and Institutional Banking to ensure continued provision of best-in-class services.
Idrissa NASSA, President of Coris Group, welcomed the finalisation of the agreement, noting the importance of acquiring Standard Chartered Bank’s retail segment in Côte d’Ivoire. He articulated Coris Bank International’s goal to strengthen its position in the emerging country and ensure client satisfaction through innovative services and new product offerings.
As the third-largest banking group in the WAEMU, Coris aims to accelerate growth in its areas of presence, leveraging the opportunity presented by this acquisition to deliver high-quality service.
Anticipated to conclude in the coming months, the sale of Standard Chartered’s consumer banking business in Côte d’Ivoire is the concluding phase of a series of strategic divestments announced in various regions, including Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan, and the consumer banking business in Tanzania since April 2022.
These divestments align with the bank’s global strategy to enhance efficiency, reduce complexity, and scale its presence across AME. Notably, the transaction in Jordan was successfully completed, with the business officially transferred to the new buyer in August 2023, and the migration of other businesses to their respective buyers is progressing as planned.
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