Standard Chartered Said to Plan Exit of SME Banking in Bahrain - Bloomberg Business

Standard Chartered Said to Plan Exit of SME Banking in Bahrain - Bloomberg Business:



"Standard Chartered Plc, the British bank that generates most of its revenue in Asia, plans to exit from its small and medium-enterprise lending business in Bahrain, according to three people with knowledge of the matter.



The lender aims to close the business gradually over the next two years and may move some of its larger SME clients to the corporate banking segment, the people said, asking not to be identified because the information is private. Standard Chartered remains committed to Bahrain, although it continues to review its businesses across various markets as part of its new strategy, Ramy Lawand, the bank’s Dubai-based spokesman, said in an e-mailed response to questions.



Standard Chartered is scaling back after two years of lower profit amid slower growth in Asia. A slump in the shares has led to a shakeup in top management, with Chairman John Peace, Chief Executive Officer Peter Sands, Asia head Jaspal Bindra and Viswanathan Shankar, head of Europe, Middle East, Africa and Americas, all leaving the bank or set to do so."



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