Standard Chartered has announced it is exploring the sale of a “small number” of its businesses to fund incremental investment in its wealth management business.

The announcement comes after the bank revealed it was planning to double its investment in its wealth management business following a record increase in revenue in Q3 2024.

It stated that the sale of some of its businesses aligned with these “refreshed strategic priorities”, which are aimed at accelerating income growth and returns.

In what would be the first in these sales, the bank is exploring the potential sale of its wealth & retail banking businesses in Botswana, Uganda, and Zambia.

Standard Chartered said it would concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients.

Commenting on the announcement, Standard Chartered group chief executive, Bill Winters, said: “We continually assess the efficacy of our global business model and regularly take action to concentrate resources where we have the most distinctive client proposition.

“We have invested heavily in recent years in Africa, where we have operated for 170 years, and which remains core to our global network.

“We have more-than doubled wealth assets under management in sub-Saharan Africa since 2021 – driven by our hubs in Kenya and Nigeria – and we are confident that the greater concentration resulting from the proposed sales will help us to continue to outperform the market.”

The bank stated that the financial effects of the proposed exits were not material to the group as a whole and should be considered as included in the guidance provided in its Q3 2024 results.

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