Standard Chartered sells its consumer, banking business in Côte d’Ivoire to Coris Bank

Standard Chartered has announced that it agreed with Coris Group to sell its Consumer, Banking business in Côte d’Ivoire.

The bank noted that subject to Regulatory approvals and the transfer of business, the development marks the completion of the Divestment process from various markets, first announced in April 2022.

 According to the statement made available to newsmen, the agreement was announced by Sunil Kaushal, CEO of Standard Chartered Africa and the Middle East (AME), and Idrissa NASSA, Coris Group Chairman.

Sunil Kaushal, Chief Executive Officer of Standard Chartered AME said that the agreement marks a milestone in Standard Chartered’s journey in the AME region towards streamlining the business and providing further impetus to our delivery of best-in-class services and expertise to our clients. 

“The successful conclusion of the Bank’s strategic divestments will see us double down on growth opportunities in AME by leveraging our long track record in the region. 

Alongside Coris Bank International, we are confident that this transition will be executed seamlessly as part of our commitment to prioritize the satisfaction of retail customers, the wellbeing and stability of our people,” he said.   

Kaushal noted that Standard Chartered Bank will maintain its presence in Cote D’Ivoire, focusing on its Corporate, Commercial, and Institutional Banking business where the Bank will continue to deliver best-in-class services to its clients. 

Mr. Idrissa NASSA, President of Coris Group noted that the acquisition of Standard Chartered Bank’s retail segment in Côte d’Ivoire is strategic to strengthen further Coris Bank International’s positioning in this emerging country. 

“We will continue the satisfaction of this privileged clientele through our offers reinforced with new products and innovative services.  

The third largest banking group in the WAEMU, the Pan-African banking group Coris, aims to accelerate growth in its areas of presence, and this acquisition is an opportunity for us to offer our best quality of service.  

We reassure our new clients of our institution’s ability to preserve and strengthen the quality of service,” he said