Standard Chartered PLC has announced plans to explore the sale of its entire Botswana franchise, extending its gradual withdrawal from several African markets, including Zimbabwe, Angola and Zambia.
The British multinational bank said it had initially planned to sell only its Wealth and Retail Banking (WRB) arm in Botswana, a move first disclosed in November 2024. However, following engagements with potential bidders, the group has decided to place its full Botswana operations — including Corporate and Investment Banking — on the market.
According to the bank, interested parties showed stronger appetite for a combined business, citing benefits such as funding efficiency, operational scale and broader client coverage. The sale process is expected to take between 12 and 15 months, subject to regulatory and other approvals.
Mpho Masupe, Chief Executive Officer and Head of Coverage at Standard Chartered Botswana, said the decision reflected the strength of the local franchise.
“The attractiveness of the full Standard Chartered Botswana business is a testament to the work of our team. We remain focused on securing the best possible outcome for our employees, clients and shareholders,” Masupe said, adding that the bank would work to minimise disruption during the transition.
Dalu Ajene, CEO for Africa and Head of Coverage, said the group remained committed to its global strategy even as it reshaped its footprint on the continent.
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“Africa remains core to our international network, and we have invested heavily in recent years,” Ajene said, noting that wealth assets under management in sub-Saharan Africa have more than doubled over the past three years, driven largely by growth in Kenya and Nigeria.
The Botswana move forms part of a broader retrenchment by Standard Chartered across Africa. In 2024, the bank formally exited Zimbabwe after completing the sale of its local unit to FBC Holdings, ending a presence of more than 100 years. It was Zimbabwe’s first commercial bank.
The Zimbabwe exit came at a significant cost. Standard Chartered reported a US$172 million loss in 2024 linked to the disposal, largely due to accumulated foreign currency translation losses. The group disclosed a US$190 million foreign exchange loss from the transaction, highlighting the financial strain imposed by prolonged currency instability and hyperinflation.
The bank has also exited or scaled back operations in Angola, Cameroon, Gambia, Sierra Leone, Zambia and Tanzania, as part of a strategy announced in 2022 to withdraw from markets where rising costs and regulatory complexity weighed on returns.
Standard Chartered’s retreat mirrors a wider trend among global banks.
While the group maintains that Africa remains strategically important, the planned sale of its Botswana operations underscores the challenges multinational banks continue to face in several African economies, particularly those marked by currency volatility and low growth, such as Zimbabwe.
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