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Business Reporter

STANDARD Chartered Bank, which has been operating in Zimbabwe for over a century, announced Thursday that was set to finally exit the country’s financial market.

The  financial institution said it will also leave Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone.

The bank is the oldest financial institution in Zimbabwe, having been established as Standard Bank in 1892.

The current bank was created when Standard Bank merged with Chartered Bank in 1969.

The bank intends to keep investing in Africa and the Middle East but “remain disciplined in our assessment of where we can deliver significantly improved shareholder returns,” Chief Executive Bill Winters is quoted saying by Reuters.

In 2020, its Zimbabwe outlet said it was rationalising its distribution channels, becoming more digital as it strengthens its position with products suited for the changing market dynamics.

The implementation of the programme has seen employees being redeployed to other roles such as client advisory services while others have left on a voluntary basis.

That saw the bank reducing branches across the region leaving Zimbabwe  with three branches – one in Bulawayo and two in Harare.