The Central Bank of The Gambia (CBG) has assured customers of Standard Chartered Bank amid reports that it will cease operations in the country. 

The CBG said Standard Chartered Bank Gambia will continue to operate despite its parent body announcing plans to exit The Gambia market. 

In a statement the CBG said it “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 statement added that the Group is in negotiation with potential investors to buy its shares in Standard Chartered Bank Gambia Ltd.

It said the divestiture (selling of subsidiary business) will not impact the operations of Standard Chartered Bank Gambia Ltd, as the bank will continue to operate normally.

The Central Bank said Standard Chartered Bank Gambia is a “well-managed and well capitalised bank” and that customers should not be alarmed by the change in ownership. 

Last week Standard Chartered plc announced that it will exit The Gambia and several other countries in Africa and the Middle East as part of plans to upscale its businesses.

According to the bank, it would be leaving these markets as it generated around one per cent of its total group 2021 income and a similar proportion of profit before tax.

Standard Chartered Bank is a British multinational banking and financial services company headquartered in London, England. 

It operates a network of more than 1,200 branches and outlets (including subsidiaries, associates and joint ventures) across more than 70 countries and employs around 87,000 people.