Standard Chartered explores sale of retail business in Ghana

Standard Chartered PLC has announced plans to explore the potential sale of its Wealth and Retail Banking (WRB) business in Ghana as part of a broader strategic review aimed at focusing resources on areas where the banking group has the strongest competitive advantage and greatest scale.

The move, announced on Thursday, June 25, 2026, forms part of the bank's global strategy of regularly evaluating its portfolio and prioritizing businesses and client segments that align with its long-term growth objectives.

Despite the planned divestment of its retail and wealth banking operations, Standard Chartered has emphasized that its Corporate and Investment Banking (CIB) business in Ghana will remain fully operational and continue to play a key role within the Group's international network.

The bank clarified that the proposed transaction concerns only the Wealth and Retail Banking division and will not affect its Corporate and Investment Banking operations.

According to the company, Ghana remains an important market within Standard Chartered's global network, particularly in facilitating cross-border trade, investment flows, and infrastructure financing.

The bank said its CIB franchise will continue leveraging its international reach, sector expertise, and cross-border capabilities to support multinational corporations, financial institutions, governments, and large local businesses.

The decision aligns with the Group's strategic focus on serving cross-border and affluent clients, a direction reaffirmed during the release of its 2025 full-year financial results.

Any eventual sale of the WRB business will be subject to regulatory approvals and other customary conditions.

Commenting on the development, Chief Executive Officer and Head of Coverage of Standard Chartered Ghana, Xorse Godzi, described the Wealth and Retail Banking business as a strong and well-established franchise with a loyal customer base and highly skilled workforce.

“Our WRB business in Ghana is a strong franchise with an established client base and talented colleagues. We believe that it is well-positioned to continue to succeed under new ownership,” he said.

Mr. Godzi explained that the bank is entering a new phase of growth by concentrating on areas where it possesses a distinct competitive advantage and can deliver greater value through its international network.

“We are focused on the next phase of our growth by prioritising businesses where we have a strong competitive advantage and a distinctive cross-border proposition. Ghana remains a core part of our international network, and we continue to see long-term opportunities driven by trade, infrastructure investment and capital flows,” he added.

The bank indicated that any transition resulting from a potential sale would be carefully managed and implemented over an estimated period of 18 to 24 months, subject to obtaining the necessary regulatory approvals.

During this period, customers are expected to continue receiving services without disruption.

Mr. Godzi assured clients that operations would continue as normal while the bank engages stakeholders to ensure a smooth and orderly transition.

“The transition is expected to be phased over 18 to 24 months, subject to regulatory approvals. During this period, it will be business-as-usual for clients, with continued engagement to ensure an orderly transition and minimal disruption,” he stated.

Bongiwe Gangeni, Head of Wealth and Retail Banking for Europe, Middle East and Africa at Standard Chartered, said the decision reflects the Group’s ongoing efforts to allocate capital to markets and business segments capable of generating the strongest returns and strategic impact.

“We continue to actively review our portfolio to ensure capital is deployed where it delivers the strongest returns and strategic impact. We remain committed to supporting our clients through this transition, with a clear focus on continuity and client outcomes,” she said.

According to her, the bank's strategy in Africa is increasingly centered around major growth hubs such as Kenya and Nigeria, where its retail and wealth banking operations continue to scale rapidly alongside its corporate banking business.

“This is about being more focused and impactful in Africa – driven by our hubs in Kenya and Nigeria, where our WRB businesses continue to drive growth at scale, complementing our super-connector CIB franchises in those markets,” she added.

Despite the planned sale in Ghana, Standard Chartered reiterated its commitment to Africa as a key component of its international growth strategy.

The banking group revealed that it has invested approximately US$300 million in technology initiatives and Africa-focused ventures over the past five years.

In 2025 alone, the Group financed about US$5 billion worth of infrastructure projects across the continent.

Among the major transactions highlighted were the US$200 million Clean Cooking Outcome Bond issued by the World Bank, which unlocked US$30.5 million in climate financing for Ghana, and a US$504 million sustainability-linked loan for Côte d’Ivoire.

The bank noted that its contributions to infrastructure development and sustainable finance have earned international recognition, including industry awards for excellence in infrastructure financing.

Standard Chartered Bank Ghana PLC remains one of the country's oldest and most established financial institutions, having operated in Ghana since 1896.

The bank is part of the global Standard Chartered Group, which operates across 54 markets worldwide and focuses on connecting high-growth economies through trade, investment, and financial services.

Listed on the Ghana Stock Exchange, Standard Chartered Bank Ghana has played a significant role in Ghana's banking sector for more than a century and continues to support economic development through corporate financing, trade facilitation, and investment services.

The announcement marks a significant strategic shift for one of Ghana’s leading international banks and is expected to attract considerable attention from investors, regulators, employees, and customers as discussions around the future ownership of the Wealth and Retail Banking business unfold.