logoBC
Yaoundé - 26 July 2021 -
Finance

Standard Chartered Bank Cameroon closes retail segment to focus on wholesale banking

Standard Chartered Bank Cameroon closes retail segment to focus on wholesale banking
  • Comments   -   Monday, 05 July 2021 13:13

(Business in Cameroon) - Standard Chartered Bank Cameroon recently announced that it is closing its retail segment in Cameroon. The operation started on June 30, 2021, with the closure of retail bank accounts and the suspension of the services offered to retail clients. It will end on July 31 with the deactivation of its teller machines in Douala and Yaoundé.

Standard Chartered Bank explains that this decision is aimed at ensuring all of its resources are efficiently focused and used for the continuous and sustainable growth of its wholesale services to companies and institutions.

The aim is to ensure that we are efficiently organized to serve our corporate clients by using our resources as efficiently as possible to develop the franchise and our competitive differentiation on this important segment, which is crucial for the country’s development (…)  We consider our clients as our most important assets and we are committed to taking additional steps to ensure their needs are met in line with the modern and digital environment,” said Idrissa Kamara, CEO of Standard Chartered Cameroon.

Standard Chartered entered the Cameroonian market in 1986. Recent figures prove that retail banking is its least performing segment. According to figures published by the Bank of Central African States (BEAC), in February 2021, the bank recorded XAF10.5 billion deposits in its retail segment. This is substantially lower than the XAF584.65 billion recorded by Afriland First Bank, XAF318.9 billion for BICEC, XAF295.6 billion for Société Générale, and XAF218.9 billion for SCB.

That month, deposits in the bank’s retail segment made up 5.73% of the overall deposits it recorded; 5.59% of the deposits were made by corporate clients and 21.39% by the public administration.

Sylvain Andzongo

public-finance-cameroon-organizes-its-first-ever-mid-term-budget-execution-conference
On July 21, 2021, in Yaoundé, the Ministry of Finance organized a budget conference to review the execution of the 2021 budget. This conference aims to...
cameroon-to-organize-an-investors-roundtable-in-sep-2021-to-fund-the-construction-of-291-km-of-railroad
Cameroon is currently planning an investors roundtable to source financing for the construction of chemin de fer Edéa-Kribi-Campo (184.5 Km), and...
cameroon-moves-to-relaunch-the-construction-of-55-steel-bridges-in-the-10-regions
Minister of Public Works (MINTP) Emmanuel Nganou Djoumessi (photo) presided, on July 21, 2021, a videoconference aimed at reviving the project of building...
swiss-perfume-company-firmenich-commits-to-sharing-profit-generated-from-cameroonian-genetic-resources
The Swiss perfume and taste company will soon launch research works for the exploitation and commercialization of two plants located in Pimbo, Sanaga...

Mags frontpage


Business in Cameroon n101: July-August 2021

The UK makes strategic moves in Cameroon


Alamine Ousmane Mey: “8% yearly growth over 10 years is a realistic target


Investir au Cameroun n111: Juillet - Août 2021

La Grande Bretagne avance ses pions au Cameroun


Alamine Ousmane Mey : « 8% de croissance annuelle sur 10 ans est un objectif tout à fait réaliste »