In a strategic move to strengthen its position in the emerging market of Côte d’Ivoire, Coris Group has finalized an agreement to acquire Standard Chartered’s Consumer Banking Business in the country.
This was announced by Sunil Kaushal, CEO of Standard Chartered Africa and the Middle East (AME), and Idrissa NASSA, Coris Group Chairman.
Sunil Kaushal explained that the agreement signifies a significant milestone in Standard Chartered’s efforts to streamline its business and enhance its delivery of best-in-class services to clients in the AME region.
He further expressed confidence that the strategic divestments would enable the bank to focus on growth opportunities in AME, leveraging its extensive track record in the region.
While Standard Chartered will maintain its presence in Côte d’Ivoire, the bank will concentrate on its Corporate, Commercial, and Institutional Banking business segments.
Idrissa NASSA, President of Coris Group, welcomed the acquisition, highlighting its strategic importance in reinforcing Coris Bank International’s position in Côte d’Ivoire.
He affirmed the commitment to providing excellent service to the acquired clientele through innovative products and services.
As the third-largest banking group in the West African Economic and Monetary Union (WAEMU), Coris sees the acquisition as an opportunity to enhance service quality and accelerate growth in its areas of presence.
The completion of the sale of Standard Chartered’s Consumer Banking Business in Côte d’Ivoire follows a series of strategic divestments in various countries, including Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan, and the Consumer banking business in Tanzania since April 2022.
These divestments align with Standard Chartered’s global strategy to achieve efficiencies, reduce complexity, and drive scale in its AME presence.
Expected to conclude in the coming months, the transaction underscores Coris Group’s commitment to expanding its footprint and providing exceptional financial services in Côte d’Ivoire.
The move positions Coris Bank International to cater to the evolving needs of the market and underscores its dedication to preserving and enhancing service quality for its expanding client base.
