Standard Chartered Ghana Moves to Sell Retail Business; Nduom Eyes Acquisition

Standard Chartered Bank Ghana has moved to calm customer fears following the announcement that it is exploring the sale of its Wealth and Retail Banking (WRB) business in the country. In an email to customers dated Friday, 26 June 2026, the bank confirmed that all banking services remain fully operational and that deposits are secure.

The bank urged customers not to panic, stressing that normal transactions can continue throughout the transition period without interruption. "We are committed to managing this process with our key stakeholders to minimise any disruption to you," the bank stated, adding that customers would be kept informed of relevant developments as they unfold.

The planned sale process is expected to take between 18 and 24 months, subject to regulatory approvals from the Bank of Ghana and other relevant authorities. Managing Director Xorse Augustine Godzi has been personally engaging clients since Thursday to explain the decision and address concerns. Sources indicate the public disclosure was partly required because Standard Chartered PLC is a listed company obligated to inform the market of significant strategic decisions.

Corporate Banking Unaffected

Standard Chartered PLC made the announcement on 25 June 2026 as part of a broader strategic review aimed at concentrating resources on markets where the group holds greater scale and competitive advantage. The bank was clear that its Corporate and Investment Banking (CIB) operations in Ghana are not affected by the proposed transaction and will continue to serve clients through its international network and sector expertise.

Nduom Eyes the Deal

The announcement has already attracted interest from prominent Ghanaian business figures. Dr Papa Kwesi Nduom, Founder and Chairman of Groupe Nduom, confirmed via a WhatsApp exchange with JoyBusiness from the United States that his group is actively exploring a potential acquisition of the retail business. He also suggested the new entity could be listed on the Ghana Stock Exchange.

In a separate Facebook post, Dr Nduom called on the Bank of Ghana to ensure that indigenous Ghanaian investors are given priority in any sale process. "Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company," he wrote, signalling what could become a significant debate around ownership and economic nationalism in Ghana's banking sector.