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Standard Chartered Bank is exploring options to sell its Wealth and Retail Banking (WRB) business in Bangladesh, but the process could take at least 18 to 24 months and would require regulatory approval.
The bank disclosed the information in a message sent to customers on Thursday.
As part of its global strategy, Standard Chartered has decided to explore various options for the potential sale of its WRB business in Bangladesh. The bank said the announcement would have no immediate impact on customers.
Reassuring customers, the bank said the potential sale would take a minimum of 18 to 24 months to complete and would remain subject to approval from the relevant regulators. During this period, customers will be able to continue their banking activities as usual.
Standard Chartered said it would continue its operations in Bangladesh, while placing greater emphasis on expanding its Corporate and Investment Banking (CIB) business.
The bank said it has been operating in Bangladesh for more than 120 years and would continue supporting customers through its international network, cross-border banking capabilities and specialised services across various sectors.
It also assured customers that they would continue to receive the same services and support throughout the transition period. Customers’ deposits and investments remain safe, and they can continue their banking transactions as usual, it said.
Standard Chartered said it would work closely with relevant stakeholders to ensure that any potential changes cause minimum disruption to customers. Customers would be informed of any relevant developments, it added.
Customers requiring assistance have been advised to contact Standard Chartered Bangladesh’s contact centre at 16233 or their respective relationship managers.
The message was issued by Lutful Habib, Managing Director and Head of Wealth and Retail Banking at Standard Chartered Bangladesh.
