Standard Chartered Bank has announced that it is considering the sale of its wealth and retail banking divisions in Zambia as part of a broader review of its global operations. While the bank has not yet made a final decision, this possibility has sparked discussions about the implications for Zambia’s financial sector and the clients who rely on these services.
Carmen Hachandi, Managing Director of Carrick Zambia, acknowledges the potential fallout, commenting, “This isn’t the first time that international institutions have faced challenges aligning their traditional business models with our volatile and complex markets. However, Carrick Wealth is well positioned to mitigate the effects, having cultivated global market expertise in our local context, and created sustainable and client-focused solutions to weather the storms ahead.”
Client Concerns
Hachandi highlighted the uncertainty the announcement has created for wealth management clients if the sale moves forward. “Clients may be left at the whim of a corporate sale,” she noted, “not knowing who the new owners will be and what level of expertise they will bring into the international wealth planning space.”
This uncertainty underscores the need for continuity and professionalism in the wealth sector, particularly in markets like Zambia where high-net-worth clients often depend on specialized, internationally focused services.
A Vision for African Leadership
Despite the challenges this move will bring, Hachandi views it as an opportunity for Africa-born companies to step up. “The future of the African finance and wealth industry is in the hands of companies like Carrick Wealth,” she said. “We have already demonstrated of ability to lead, providing world-class financial services that reflect the realities and opportunities of our local market.
The Road Ahead
Whether or not Standard Chartered decides to proceed with the sale, the discussions have highlighted the importance of adaptability and competence in Zambia’s financial landscape. For clients and professionals in the sector, this period of potential change is an opportunity to reassess priorities and look for solutions that combine trust, expertise, and innovation. Carrick Wealth is ready to move forward and support it’s clients in their bid to invest internationally with confidence.
