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20 Apr, 2022
Standard Chartered PLC will fully exit its operations in Angola
The U.K.-headquartered banking group said it also intends to exit its consumer, private and business banking operations in Tanzania
StanChart recorded a 2021 pretax profit of $3.35 billion, of which $831 million was generated by the group's operations in the Middle East and Africa, the second-largest contributor to its total pretax profit, according to S&P Global Market Intelligence data.
StanChart said it is currently present in 59 markets and serves clients in a further 83. The group recently opened its first branch in Saudi Arabia
The markets it will exit generated about 1% of its group income in 2021 and a similar proportion of pretax profit, StanChart said. The move will allow the lender to redirect its resources within the Middle East and Africa region to areas where the group can have "the greatest scale and growth potential."
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