Standard Chartered Bank wants to wind down its retail and card business in Bangladesh

The multinational bank Standard Chartered wants to sell its consumer or retail banking business and credit card services in Bangladesh. BRAC Bank and City Bank, two of the country’s leading banks, have expressed interest in acquiring the business of the 173-year-old bank.

They have already held separate meetings with Standard Chartered regarding the matter. Senior officials from Standard Chartered’s headquarters and regional office have also met with the governor of Bangladesh Bank to brief him on the issue.

Multiple sources at Bangladesh Bank and the three banks have confirmed the matter. However, as no formal agreement has been reached, officials of the interested banks were unwilling to comment or disclose their identities at this stage.

In mid-2025, the multinational bank The Hongkong and Shanghai Banking Corporation (HSBC) announced that it would shut down its retail banking operations in Bangladesh. Earlier, in 2005, American Express Bank withdrew its business from Bangladesh.

Sources said that in July this year, Standard Chartered expressed an interest in winding down its retail banking business in Bangladesh. Following this, several banks in the country held discussions with Standard Chartered about acquiring parts of its retail banking business.

So far, however, BRAC Bank and City Bank are considered to be ahead in the race to acquire the business. Separate meetings have also been held between Standard Chartered and the two banks on the matter.

Earlier, as part of a strategic restructuring, Standard Chartered decided to withdraw its local banking operations from Angola, Cameroon, The Gambia, Jordan, Lebanon, Sierra Leone, and Zimbabwe. In Tanzania and Côte d’Ivoire, it exited consumer, private, and business banking while retaining its corporate and institutional banking operations. It later sold its wealth management and retail banking businesses in Sri Lanka.

Sources said Standard Chartered has approximately Tk 160 billion in deposits in Bangladesh’s retail banking sector, against loans of around Tk 100 billion. In addition to conventional banking, the bank also offers Saadiq Islamic banking services. It also provides debit and credit card services.
Standard Chartered’s retail banking offerings include savings and current accounts, fixed-term and foreign-currency deposits, premium and rewards-based credit cards, unsecured loans, and long-term financing.

Customers can obtain personal loans for individual needs, auto loans to purchase vehicles, and long-term home loans to buy apartments or renovate houses.

Under the “Standard Chartered Saadiq” service, which operates in accordance with Islamic Shariah principles, customers are offered interest-free DPS (deposit pension scheme) accounts, current accounts, and Islamic credit cards. For non-resident Bangladeshis, the bank offers specialized “Swadeshi Banking” services, through which expatriates can save money in Bangladesh and invest in government bonds.

Officials from City Bank and BRAC Bank said Standard Chartered’s retail banking business has some of the lowest-cost deposits in the country. If acquired, the bank’s brand value could increase significantly. Its financial indicators would also improve substantially.

It is learned that City Bank has Tk 450 billion in deposits from individual customers. Against this, it has Tk 120 billion in consumer loans, including personal, auto, and home loans. If City Bank acquires Standard Chartered’s retail business, its outstanding loan portfolio would double at once.

A City Bank official involved with the process told Prothom Alo on condition of anonymity that the bank expressed interest in purchasing the business as soon as it learned that Standard Chartered was planning to sell its retail banking operations. City Bank had previously achieved positive results after introducing Amex cards. However, the process will begin only after receiving approvals at various stages. Completing the entire acquisition will also be time-consuming.

BRAC Bank has Tk 530 billion in deposits from individual customers, while its total deposits have exceeded Tk 1 trillion. Its consumer loans, meanwhile, stand at approximately Tk 140 billion.

A BRAC Bank official involved in the matter told Prothom Alo that an initial meeting had been held with the bank. Nothing has been finalised yet. Before acquiring the business, the valuation and various other processes would have to be completed, making it a complex process.

Asked about the matter, Bitopi Das Chowdhury, head of Corporate Affairs, Brand and Marketing at Standard Chartered Bangladesh, told Prothom Alo in a written statement: “We do not comment on market rumours or speculation. Standard Chartered Group continuously evaluates the effectiveness of its global business model and, where necessary, takes measures to ensure that resources are centralised in areas where we have the greatest opportunity to provide unique benefits to our customers. Standard Chartered is a global bank that has been deeply rooted in Bangladesh for more than 120 years. The bank has a rich heritage and a strong presence in this market. We remain committed to Bangladesh.”