Deposits, investments remain safe amid sale plan, Standard Chartered assures customers

Standard Chartered has announced plans to explore options for the sale of its Wealth and Retail Banking (WRB) business in Bangladesh as part of its global strategy to focus resources on areas where it has a distinctive client proposition.

In a letter to clients, the bank said there would be no immediate impact from the announcement and that any potential sale of the WRB business was expected to take at least 18 to 24 months and would be subject to regulatory approval.

The bank assured retail banking customers that their deposits and investments remained safe and that they could continue to conduct banking transactions as usual during the transition.

“We will manage the process in consultation with key stakeholders to minimise any disruption to our customers and will provide updates on relevant developments during the transition,” the bank said.

“Standard Chartered, as part of its global strategy, has announced its intention to explore options for the sale of its Wealth and Retail Banking (WRB) business in Bangladesh,” said Lutful Habib, Managing Director and Head of Wealth & Retail Banking at Standard Chartered Bangladesh.

The bank said its presence in Bangladesh would continue, with a focus on expanding its Corporate and Investment Banking (CIB) business.

“We have been present in Bangladesh for over 120 years and we will continue to support clients through our international network, cross-border capabilities and sector expertise,” the letter said.

The announcement comes as the UK-headquartered banking group reviews its global operations and seeks to concentrate resources on businesses and markets where it sees stronger strategic opportunities.

Standard Chartered has maintained a banking presence in Bangladesh for more than 120 years and provides corporate, institutional and retail banking services in the country.

Customers requiring further information or assistance can contact the bank’s Contact Centre at 16233 or their dedicated Relationship Manager.