In a significant development in the banking sector, Standard Chartered Bank announced the sale of its Consumer Banking business in Côte d’Ivoire to Coris Group. This move, pending regulatory approvals and business transfer formalities, marks the culmination of Standard Chartered’s divestment strategy initiated in April 2022, targeting various markets.

Sunil Kaushal, the CEO of Standard Chartered for Africa and the Middle East (AME), alongside Coris Group Chairman Idrissa NASSA, formalized the agreement. Kaushal expressed that this deal signifies a pivotal moment in Standard Chartered’s strategy within the AME region. He emphasized the bank’s commitment to refining its business model, enhancing service quality, and focusing on growth opportunities in the region. He assured a smooth transition in partnership with Coris Bank International, prioritizing customer satisfaction and employee welfare.

While exiting the retail segment, Standard Chartered Bank reaffirms its commitment to Côte d’Ivoire, maintaining a strong focus on its Corporate, Commercial, and Institutional Banking sectors. The bank aims to continue delivering exemplary services in these areas.

Idrissa NASSA, President of Coris Group, acknowledged the strategic importance of this acquisition. He highlighted Coris Bank International’s ambition to strengthen its position in the burgeoning Ivorian market, promising the introduction of new products and innovative services. NASSA reassured new clients about the institution’s dedication to maintaining and enhancing service quality.

This sale is the latest in a series of strategic divestments by Standard Chartered, following its exits from markets including Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan, and the Consumer banking business in Tanzania since April 2022. These moves are part of the bank’s global strategy to streamline operations, reduce complexities, and scale its presence across the AME region. The Jordan transaction was completed in August 2023, with other business migrations progressing as planned.

This agreement, expected to be finalized in the coming months, represents a significant shift in Standard Chartered’s operational focus and a promising expansion for Coris Group in the West African Economic and Monetary Union (WAEMU) region.