Standard Chartered today (June 23) announced its intention to explore the sale of its wealth and retail banking (WRB) business in the Kingdom of Bahrain, as it further sharpens its focus on businesses and client segments where it has the greatest scale and most differentiated client proposition. 

This announcement however does not affect the corporate and investment banking (CIB) business, said a statement from the bank. as it will continue to operate in Bahrain with a strong role as a super-connector through its international network, cross-border capabilities, and sector expertise. 

This move is further to the Group’s strategic focus on cross-border and affluent clients, as reaffirmed at its FY2025 results. Any potential transaction remains subject to regulatory approvals, it stated.

Bongiwe Gangeni, Head of Wealth & Retail Banking, Europe, Middle East and Africa, Standard Chartered, said: "As we sharpen focus on where we have scale and the most distinctive client proposition, we will invest further in response to strong client demand and long-term opportunity across the Middle East, with deep connections across the region and its global corridors."

According to him, the transition is expected to be phased over 18 to 24 months, subject to regulatory approvals. "During this period, our business will continue to operate on a business-as-usual basis, and we will work closely with colleagues, clients, regulators and other stakeholders to ensure an orderly transition and minimal disruption," he added.

Standard Chartered said it sees significant long-term opportunity across the Middle East and remains committed to investing in areas where it has the greatest scale and most differentiated client proposition.

The Group will continue to support clients across the region through its international network, Corporate and Investment Banking franchise, Affluent Wealth Management capabilities and award-winning Islamic banking offering, it added.-TradeArabia News Service