On November 27, Glorious Currency announced that Stanchart (02888.HK) intends to exit certain minority businesses for the purpose of providing funds to continuously support ongoing investments in its leading wealth management business. This initiative aligns with the group's newly proposed strategic work focus in the third quarter of 2024, aimed at accelerating revenue growth and returns.

The group is exploring the possibility of selling its wealth management and retail banking businesses in Botswana, Uganda, and Zambia.

The group will concentrate its resources in these markets and focus on meeting the cross-border needs of global corporate and financial institution clients.

Group CEO Bill Winters stated: "We continuously assess the effectiveness of our global business model and regularly develop plans to concentrate resources on serving the best customer solutions. We have been operating in Africa for 170 years and have made significant investments locally in recent years; thus, Africa remains a core area of our global business network. Driven by the hubs in Kenya and Nigeria, the wealth assets we manage in sub-Saharan Africa have more than doubled since 2021, and we believe that the proposed sale will allow us to focus more on key strategies, helping our performance continue to exceed the market."

The proposed sale will not have a significant financial impact on the group overall and should be considered within the guidance range provided for the third quarter of 2024 performance.