Standard Chartered eyes Morocco as part of African strategy

Following divestures in Africa and the Middle East, UK-based Standard Chartered is exploring opportunities to establish operations in Morocco, according to Bloomberg.

“We’ve already expanded into Egypt with a fully-fledged bank, and now we’re looking at one or two other countries,” Chris Egberink, CEO and Head of Banking & Coverage for South Africa told Bloomberg. “Morocco is among the countries under consideration.”

In recent years, Standard Chartered has exited several African and Middle Eastern markets, including Zimbabwe, Angola, Cameroon, Gambia, Sierra Leone, Tanzania, Jordan, and Lebanon. The bank is also reportedly exploring the sale of its retail banking operations in Botswana, Uganda, and Zambia.

As other global financial institutions such as Société Générale, BNP Paribas, and HSBC scale back their presence across Africa, Standard Chartered sees a chance to grow.

“It’s never ideal when a global bank exits a country, as it sends a negative signal,” Egberink said. “But we’ve been able to step in and actually benefit significantly from those gaps.”

The bank is reportedly targeting expansion in Morocco’s wealth management sector, aiming to support high-net-worth individuals in managing and growing their assets. It is also looking to bolster its cross-border transaction services.

Morocco is considered a strategic hub for connecting African and European markets. In December, Nigeria’s Access Bank raised $228 million to support its own entry into the Moroccan market, according to Morocco World News.

The timing of an entry into another African market will depend on regulatory engagement, due diligence and client appetite, Egberink said.