The founder and Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has revealed that the group is exploring the possibility of acquiring Standard Chartered Bank Ghana’s Wealth and Retail Banking (WRB) business, following the bank’s announcement that it is reviewing the potential sale.
According to Joynews reports, Dr Nduom, from the United States, indicated via WhatsApp that Groupe Nduom is assessing the opportunity and may also consider listing the resulting entity on the Ghana Stock Exchange.
Dr Nduom also urged that any divestment process should prioritise indigenous Ghanaian investors, arguing that local ownership should be central to the transaction if the retail banking business is sold.
Earlier, Papa Kwesi Nduom has weighed in on the news surrounding the potential sale of Standard Chartered’s retail banking business in Ghana.
According to Papa Kwesi Nduom, any potential sale of Standard Chartered’s retail banking business in Ghana should be acquired by a Ghanaian indigenous company.
In a Facebook post, Papa Kwesi Nduom wrote, “Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company”.
Meanwhile, Standard Chartered Ghana has assured its clients that their deposits and funds remain secure despite the decision to explore the sale of its Wealth and Retail Banking (WRB) business.
According to Standard Chartered, there will be no disruption to banking services during the transition process.
The Bank further urged customers to continue using their accounts and banking channels as usual.
In a communication to customers following the announcement, Standard Chartered stated, “Your deposits and monies remain safe, and you can continue to perform banking transactions as per normal”.
“You may have seen that Standard Chartered has announced its intention to explore options for the sale of its
Wealth and Retail Banking business in Ghana as part of its strategy to focus resources where it has the most distinctive client proposition,” the notice added.
“Please be assured that we will continue to serve you as usual during the transition.”
“We are committed to managing this process with our key stakeholders to minimise any disruption to you. We will continue to update you on any relevant developments during the transition.”
Their reassurance comes after Standard Chartered PLC announced its intention to explore strategic options for its Wealth and Retail Banking business in Ghana as it sharpens its focus on businesses and client segments.
According to the Bank, the planned divestment forms part of Standard Chartered Group’s global strategy to optimise its portfolio.
Standard Chartered PLC, which has announced its intention to explore the sale of its Wealth and Retail Banking (WRB) business in Ghana.
The Chief Executive Officer and Head of Coverage, Standard Chartered Ghana, Xorse Godzi, in a press release, stated, “Our WRB business in Ghana is a strong franchise with an established client base and talented colleagues. We believe that it is well-positioned to continue to succeed under new ownership.
We are focused on the next phase of our growth by prioritising businesses where we have a strong competitive advantage and a distinctive cross-border proposition. Ghana remains a core part of our international network, and we continue to see long-term opportunities driven by trade, infrastructure investment and capital flows”.
He added, “The transition is expected to be phased over 18 to 24 months, subject to regulatory approvals. During this period, it will be business-as-usual for clients, with continued engagement to ensure an orderly transition and minimal disruption”.
The Head, WRB, Europe, Middle East and Africa, Standard Chartered, Bongiwe Gangeni, also stated: “We continue to actively review our portfolio to ensure capital is deployed where it delivers the strongest returns and strategic impact. We remain committed to supporting our clients through this transition, with a clear focus on continuity and client outcomes.
This is about being more focused and impactful in Africa – driven by our hubs in Kenya and Nigeria, where our WRB businesses continue to drive growth at scale, complementing our super-connector CIB franchises in those markets.”
Interior Minister Mohammed Muntaka Mubarak has apologised on behalf of government to Ghanaians following the devastating floods that claimed nine lives and destroyed homes and property after Monday’s torrential rains.#GHNow pic.twitter.com/YJDZcWu9fX
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