Standard Chartered Bank Eyes Expansion into Morocco, Reversing African Divestment Trend

While it has been disinvesting on the African continent, Standard Chartered has recently made a surprising decision. The British bank is considering setting up in Morocco. "Just as we have expanded our presence in Egypt with a full-fledged bank, we are looking at one or two other countries," said Chris Egberink, CEO and head of banking and coverage activities for South Africa, in an interview in Johannesburg. "We are considering several countries, including Morocco."

This decision follows a three-year period during which the bank has left several small markets across the continent, according to Bloomberg. According to Egberink, the timing of Standard Chartered’s expansion in Africa will depend on factors such as regulatory engagement, licensing processes, due diligence and customer interest. This decision is also part of the London-based bank’s broader strategy to focus on wealth management and cross-border transaction activities, following a streamlining initiative that began in April 2022.

Since 2022, the world’s 44th largest bank with $823 billion in assets has been reducing its operations in several African and Middle Eastern countries.