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Standard Chartered Exits Zimbabwe, Ending 130 Years In The Country

Standard Chartered Exits Zimbabwe, Ending 130 Years In The Country

British lender Standard Chartered (StanChart) has announced that it is exiting several countries in Africa and the Middle East, including Zimbabwe.

In a statement on Thursday, the group said it will leave Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

Standard Chartered will also close its retail banking units in Tanzania and Ivory Coast, to focus only on corporate banking.

Standard Chartered Group CEO, Bill Winters, said the firm was looking to simplify its global structure.

The group will, however, continue to serve clients in the markets from its international network. Said Winters:

We are sharpening our focus on the most significant opportunities for growth while also simplifying our business.

We remain excited by the number of opportunities we see in the AME region, as illustrated by our new markets, but remain disciplined in our assessment of where we can deliver significantly improved shareholder returns.

Standard Chartered is the oldest financial institution in the country, having first set up in 1892 as Standard Bank in Bulawayo.

In 1969, Standard Bank merged with Chartered Bank to form Standard Chartered and was fully incorporated in Zimbabwe in 1983.

In 2019, StanChart was fined US$18 million by the US government for violating American sanctions on Zimbabwe.

More: newZWire

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SAVAGE 1 month ago

It has reached Shutdown point because of Inflation and unemployment in Zimbabwe... this is Tragic.... Zimbabwe is closed for business...our country is is only good at Corruption chete ...

Anonymous 1 month ago

Haaa banking dzekare nedzanhasi dzachinja ma cdes our countries are way back and you cant operate a modern bank here, Banking is more than depositing and withdrawing cash and offering loans... so if you cant practice banking why stay??

Pasi nemSanctions 1 month ago

ma sanctions ayaah ayikumbirwa ne MDC akuzoshanda manje. The general people is gonna suffer as usual!!!

Mdara Odza 1 month ago

Your head is full is sh!t, the bank is exiting 17 other countries, so MDC begged sanctions for those countries as well? Listen to the CEO talking about restructuring.

Machiavelli 1 month ago

Do all the other countries that StanChart is vacating under sanctions?

it's just a question of poor economies and bad governance. Banking is all about trust. Where governments don't engender trust, capital and money fly away.


The King of Serpents 1 month ago

😭😭😭😭😭😭😭 bye bye Stanchart for now. Hoping for your return kana economy yanaka, hopefully. I totally understand why you are leaving though, I would do the same in the same situation.

Crespo 1 month ago

kkkkkkkkk 1 month ago

shame on Zimbabwe 😭

evy 1 month ago

besides that our givernment made the business environment so unconjusive to operate on
so many taxable clause,chapter being used under closed doors

imagine freezing of forex accounts,2% charges,insuarances for depositors,unemployment rate how can the bank survives under such circumstances

apa vanonotenga USD kuRBZ vachirohwa nebidding ,insuarance then other adminstrative costs

if they lend money after 1 week it wud be as good as no lending the returns will be on the negative

Chawabvunza 1 month ago

There are reasons why STANCHART BANK and BARCLAYS BANK fell by the way side. These two were the biggest banks at our independence in 1980. A few years down the road, these banks started to struggle. Before independence these banks thrived on farmers and big businesses as their clients. After independence some farmers left the the country for South Africa, England, Australia and United States of America. Things went worse after the chaotic land reform program. First was the BARCLAYS BANK to go when it was sold to CAPITOL BANK of MALAWI which is headquartered in India. Now it is STANCHART to close shop.Today businesses keep their money in safes and pillows at home. They no longer feel secured to bank their money.

lEARNER 1 month ago

@chawabvunzaDiscuss the economic impact Barclays exit from Zimbabwe had on the Zimbabwean economy, and the possible impact StanChart exit has on the Zim economy.

[25 marks]

zelensky 1 month ago

kutonga nyika till an international bank resigns

guys how will they going to do about those deposits funds the bank are helding

and the employees i hope they will get packages yema bond

ummm hupenyu kuprdza nguva kushynirana
umwe achizvit ndoshanda mubank apa employrr wacho aakutama

SAVAGE 1 month ago

Boyz Ii 🔥🔥🔥🔥

Vladimir 1 month ago

1892??? Varungu vakagadzira Mari kare varume😭

Mutadza 1 month ago

vasiyira Tagwirei nyika yose

nelsin 1 month ago

its nelsion and hus sanctions ma far.eachung effects achor

⁉️ 1 month ago

Zimbabwe always on the wrong end of the stick

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