Standard Chartered on Wednesday said it was exploring to potentially divest its wealth and retail banking operations in Botswana, Uganda and Zambia.

Standard Chartered eyes sale of three African retail banking businesses - The London-listed lender is in the middle of a restructure, reining in its mass retail business and simplifying the group.

Standard Chartered Group has announced a process in which it will divest its wealth and retail banking operations in Uganda, Botswana, and Zambia as part of a strategic refocus on its affluent client base.

By Rishav Chatterjee (Reuters) -Standard Chartered is exploring a potential divestment of its wealth and retail banking operations in Botswana, Uganda and Zambia, it said on Wednesday, as the banking giant looks to free up capital in the midst of a broad shake-up.

Mr Sanjay Rughani, the Standard Chartered Bank Uganda chief executive officer, said Wednesday evening that they had started the process of selling off the business arm of wealth and retail banking services, which is expected to be completed in about 18 to 24 months. “We are still waiting for regulatory approval,” he said.