Standard Chartered claims unwavering support for Africa

By Kanika Saigal
Posted on Tuesday, 14 June 2022 12:55, updated on Thursday, 16 June 2022 14:07

People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

Standard Chartered has built a reputation as an emerging-market banking champion: a bank that prides itself on its business across Asia, Africa and the Middle East.

Its tagline ‘We’re here for good’ may refer more to the bank’s hope to be a driving force for positive and sustainable change across its key geographies.

However, given the recent announcement that the bank plans to fully withdraw from Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe and close its Consumer, Private and Business Banking (CPBB) business in Tanzania and Cote d’Ivoire, the phrase has become steeped in irony.

“It was one of the toughest decisions the bank has ever had to make,” says Sarmad Lone, head of Corporate, Commercial and Institutional Banking (CCIB), Africa & Middle East at Standard Chartered Bank.