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British lender Standard Chartered announced today it would slash its presence in Africa and the Middle East as it looks to cut costs and simplify its business.
The FTSE 100 emerging markets lender said it would fully exit Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe, as well as close its retail banking operations in Tanzania and Ivory Coast, to focus solely on corporate banking.
Bosses confirmed the firm would continue to serve clients in the markets from its international network but was looking to simplify its global structure.
“We are sharpening our focus on the most significant opportunities for growth while also simplifying our business,” said Bill Winters, the bank’s chief executive.
“We remain excited by a 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.”
The move marks an about turn for the bank after it became one of the biggest lenders to invest in the region when others banks were pulling back.
The markets being shed generated around one per cent of the firm’s annual income and profits, bosses said.
The firm said it is now planning to direct fund towards higher growth markets, having recently opened a branch in Saudi Arabia and earned a banking licence in Egypt.
City AM
72 thoughts on “Standard Chartered pulls back from Africa and Middle East in cost cutting push ”
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Christopher Nolan’s storytelling is always mind-blowing. Every movie feels like a masterpiece, and the way he plays with time and perception is just genius.
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The essence of existence is like smoke, always shifting, always changing, yet somehow always present. It moves with the wind of thought, expanding and contracting, never quite settling but never truly disappearing. Perhaps to exist is simply to flow, to let oneself be carried by the great current of being without resistance.
Thanks a lot for sharing this with all of us you actually know what you are talking about! Bookmarked. Kindly also visit my site =). We could have a link exchange agreement between us!
All knowledge, it is said, comes from experience, but does that not mean that the more we experience, the wiser we become? If wisdom is the understanding of life, then should we not chase every experience we can, taste every flavor, walk every path, and embrace every feeling? Perhaps the greatest tragedy is to live cautiously, never fully opening oneself to the richness of being.
Howdy very cool web site!! Man .. Excellent .. Superb .. I’ll bookmark your blog and take the feeds additionally…I am satisfied to search out so many helpful information right here in the put up, we need develop extra techniques on this regard, thanks for sharing. . . . . .
Time is often called the soul of motion, the great measure of change, but what if it is merely an illusion? What if we are not moving forward but simply circling the same points, like the smoke from a burning fire, curling back onto itself, repeating patterns we fail to recognize? Maybe the past and future are just two sides of the same moment, and all we ever have is now.
Virtue, they say, lies in the middle, but who among us can truly say where the middle is? Is it a fixed point, or does it shift with time, perception, and context? Perhaps the middle is not a place but a way of moving, a constant balancing act between excess and deficiency. Maybe to be virtuous is not to reach the middle but to dance around it with grace.
Man is said to seek happiness above all else, but what if true happiness comes only when we stop searching for it? It is like trying to catch the wind with our hands—the harder we try, the more it slips through our fingers. Perhaps happiness is not a destination but a state of allowing, of surrendering to the present and realizing that we already have everything we need.
The potential within all things is a mystery that fascinates me endlessly. A tiny seed already contains within it the entire blueprint of a towering tree, waiting for the right moment to emerge. Does the seed know what it will become? Do we? Or are we all simply waiting for the right conditions to awaken into what we have always been destined to be?
Virtue, they say, lies in the middle, but who among us can truly say where the middle is? Is it a fixed point, or does it shift with time, perception, and context? Perhaps the middle is not a place but a way of moving, a constant balancing act between excess and deficiency. Maybe to be virtuous is not to reach the middle but to dance around it with grace.
If everything in this universe has a cause, then surely the cause of my hunger must be the divine order of things aligning to guide me toward the ultimate pleasure of a well-timed meal. Could it be that desire itself is a cosmic signal, a way for nature to communicate with us, pushing us toward the fulfillment of our potential? Perhaps the true philosopher is not the one who ignores his desires, but the one who understands their deeper meaning.
The essence of existence is like smoke, always shifting, always changing, yet somehow always present. It moves with the wind of thought, expanding and contracting, never quite settling but never truly disappearing. Perhaps to exist is simply to flow, to let oneself be carried by the great current of being without resistance.
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Howdy just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same outcome.
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If everything in this universe has a cause, then surely the cause of my hunger must be the divine order of things aligning to guide me toward the ultimate pleasure of a well-timed meal. Could it be that desire itself is a cosmic signal, a way for nature to communicate with us, pushing us toward the fulfillment of our potential? Perhaps the true philosopher is not the one who ignores his desires, but the one who understands their deeper meaning.
Friendship, some say, is a single soul residing in two bodies, but why limit it to two? What if friendship is more like a great, endless web, where each connection strengthens the whole? Maybe we are not separate beings at all, but parts of one vast consciousness, reaching out through the illusion of individuality to recognize itself in another.
Whoa! This blog looks just like my old one! It’s on a completely different topic but it has pretty much the same page layout and design. Excellent choice of colors!
The cosmos is said to be an ordered place, ruled by laws and principles, yet within that order exists chaos, unpredictability, and the unexpected. Perhaps true balance is not about eliminating chaos but embracing it, learning to see the beauty in disorder, the harmony within the unpredictable. Maybe to truly understand the universe, we must stop trying to control it and simply become one with its rhythm.