Standard Chartered Plc has begun a process to sell its Botswana business and expects to get first bids by middle of the year, according to people familiar with the matter.
The business, which will include the corporate and investment bank, has drawn early interest from lenders including Nedbank Group, Absa Group, according to the people who asked not to be identified because the information is still private.
Standard Bank Group and FirstRand’s First National Bank unit are also considering, said the people.
Standard Chartered declined to comment on the details of the process and market speculation. Standard Bank, First National Bank, Absa and Nedbank also declined to comment on the process.
The proposal is still in its early phase and there are no guarantees that a deal will be concluded, said the people.
The sale also includes its retail and wealth business in Botswana, said the people. The London-based lender has exited five Africa countries so far, and partly sold units in Zambia and Uganda. It completed most of the sales during 2024 and 2025.
Standard Chartered’s intention is to focus on larger markets on the continent, including South Africa, Nigeria and Kenya, said the people.
The company has managed to double its African wealth business to $4 billion over the past three years, largely driven by Nigeria and Kenya, two of the people said.
A number of international banks including HSBC Holdings Plc and BNP Paribas SA have shrunk their African businesses in recent years, local banks such as Standard Bank, Absa, Nedbank and First National Bank have expanded.
Standard Chartered could complete the sale by year-end, the people said. Standard Chartered’s internal mergers and acquisitions team is running the process, they said.
© 2026 Bloomberg