We are exploring Standard Chartered Ghana retail business acquisition – Dr Nduom

Founder and Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, says the group is exploring the possibility of acquiring Standard Chartered Bank Ghana’s Wealth and Retail Banking (WRB) business, following the bank’s announcement that it is reviewing the potential sale.

According to JoyBusiness, Dr Nduom, from the United States, indicated via WhatsApp that Groupe Nduom is assessing the opportunity and may also consider listing the resulting entity on the Ghana Stock Exchange.

He also urged that any divestment process should prioritise indigenous Ghanaian investors, arguing that local ownership should be central to the transaction if the retail banking business is sold.

His comments follow Standard Chartered Bank Ghana’s assurance to customers that their deposits remain safe and that all banking services will continue uninterrupted despite the planned sale process.

The bank has informed customers that the proposed divestment of its Wealth and Retail Banking operations is expected to take between 18 and 24 months, subject to regulatory approvals. It has also stressed that its Corporate and Investment Banking operations in Ghana will not be affected.

Standard Chartered said the move forms part of a broader strategic review aimed at focusing on markets and client segments where it has greater scale and competitive advantage.

Dr Nduom’s remarks come as the bank continues stakeholder engagements on the proposed transaction, with its Managing Director in Ghana, Xorse Augustine Godzi, reported to be meeting clients to explain the process and address concerns.

The Bank of Ghana is expected to play a key role in approving any eventual transaction.