Banjul, Gambia PANA (PANA) - Standard Chartered Bank officials Thursday briefed President Adama Barrow on the Bank’s divestiture plans in The Gambia, assuring him that it will be orderly and of no adverse effect on its staff and customers.
PANA reports that Standard Chartered Plc last week announced it would fully exit operations in seven countries in Africa and the Middle East (AME) regions as part of plans to upscale its businesses.
The countries include Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.
In a recent statement, the bank said it would also exit its consumer, private and business banking businesses in Tanzania and Cote d’Ivoire.
The multinational company added it would focus solely on its corporate, commercial and institutional banking in both countries.
Speaking on behalf of the Bank’s representatives, Lamin Manjang, CEO Standard Chartered Bank West Africa Cluster, said they assured the Gambian leader that none of their staff would lose their job and their benefits but would continue unhindered.
Manjang said once the bank’s ownership was eventually transferred, it was hoped that the new owners would absorb the existing staff and continue business as usual.
The process is expected to take between a year or two when potential investors are expected to step in and take over its assets and operations.
-0- PANA MSS/RA 21April2022
