The Central Bank of The Gambia has in a press release acknowledged receiving a correspondence from Standard Chartered Bank Gambia Ltd, confirming negotiation for divestiture [sale] of the Bank’s shares.
“The Central Bank of The Gambia is in receipt of correspondence from Standard Chartered Bank Gambia Ltd, conveying Standard Chartered Bank Group’s decision to divest their business interest in The Gambia. This is in line with the Group’s new business model and strategic repositioning, which requires divestiture from a number of African countries, including The Gambia and a few countries in the Middle East. The Group is in negotiation with potential investors to buy its shares in Standard Chartered Bank Gambia Ltd,” the release confirms.
As the regulatory body for banks in the country, the Central Bank of the Gambia assures that the development at Standard Chartered Bank will not affect the operations of the bank.
“The divestiture will not impact the operations of Standard Chartered Bank Gambia Ltd, as the bank will continue to operate normally. The Central Bank of The Gambia hereby assures its customers and the public that Standard Chartered Bank is a well-managed, highly liquid, and well capitalized bank, which will continue its normal operations in full compliance with the Central Bank of The Gambia’s regulatory requirements.”
Central Bank urges customers of Standard Chartered Bank and the public to be mindful of messages making rounds on social media regarding the divestiture process, emphasizing that Standard Chartered Bank Gambia Ltd will continue to operate normally.
“Standard Chartered Bank is one of the largest banks in the country with a long history going back more than a hundred years, during which the bank contributed enormously to the socio-economic development of The Gambia and will continue to do so in years to come,” the release reiterates.
