Standard Chartered on Wednesday said it was exploring to potentially divest its wealth and retail banking operations in Botswana, Uganda and Zambia.

Standard Chartered eyes sale of three African retail banking businesses - The London-listed lender is in the middle of a restructure, reining in its mass retail business and simplifying the group.

Standard Chartered is exploring a sale of its wealth management and retail operations in three African countries as the banking giant seeks to free up firepower for its investment plans.

Standard Chartered said on Wednesday that it is exploring the potential sale of its wealth & retail banking (WRB) businesses in Botswana, Uganda and Zambia.

Standard Chartered Plc is banking on the ultra-rich in Africa to expand its business after more than doubling assets under management in its wealth business on the continent the past three years.

Mr Sanjay Rughani, the Standard Chartered Bank Uganda chief executive officer, said Wednesday evening that they had started the process of selling off the business arm of wealth and retail banking services, which is expected to be completed in about 18 to 24 months. “We are still waiting for regulatory approval,” he said.