Standard Chartered Bank may leave Botswana after the majority shareholder says it is now considering selling the local operations. In an update on the Botswana Stock Exchange, the bank stated the majority shareholder intends to explore selling Standard Chartered Bank Botswana Limited.
This will be a change from the 2024 announcement that the company was exploring options for the sale of its wealth and retail banking only. The bank has since informed the market that Standard Chartered PLC, the indirect majority shareholder of the company, has decided to explore the sale of its entire interest in the company.
It added the decision reflects the strength of the company, the attractiveness of the combined franchise and the complementary strength of the WRB and the corporate and investment banking (CIB) businesses. “The proposed disposal of SC’s Interest is at an early stage and any sale of such interest in the company will be subject to, amongst other things, regulatory approvals and market conditions,” the bank said in a note. “Shareholders are cautioned that there is no certainty at this stage that any discussions will lead to a formal transaction.”