Dhaka:Standard Chartered has announced its intention to explore the sale of its Wealth and Retail Banking (WRB) business in Bangladesh. This move is part of the bank's global strategy to focus its resources on areas with a distinctive client proposition.
According to United News of Bangladesh, the bank assured customers that their deposits and investments remain secure and that banking services will continue without interruption during the transition period. The potential sale is expected to take 18 to 24 months and will require regulatory approval.
The bank emphasized its commitment to managing the sale process efficiently with key stakeholders to minimize disruption to customers and promised to keep clients informed of any developments. Lutful Habib, Managing Director and Head of Wealth and Retail Banking at Standard Chartered Bangladesh, reaffirmed the bank's intention to explore options for the WRB business sale.
Standard Chartered will maintain its presence in Bangladesh, focusing on expanding its Corporate and Investment Banking (CIB) business. The bank has been operating in Bangladesh for over 120 years and plans to continue supporting clients through its international network and sector expertise.
The announcement is part of the UK-headquartered bank's broader review of its global operations, aiming to concentrate on markets and businesses with stronger strategic opportunities. Customers seeking more information or assistance are advised to contact the bank's Contact Centre at 16233 or their dedicated Relationship Manager.