DON’T PANIC, STANCHART URGES PUBLIC
STANDARD Chartered Bank Zambia chief executive officer Sonny Zulu has denied rumours on social media that the bank is closing shop in Zambia, and urged the public not to panic.
The rumour mill was set spinning after Reuters reported that the international bank planned to sell its wealth and retail banking operations in Botswana, Uganda and Zambia in order to free up capital in the midst of a broad shake-up.
Reuters further reported that the bank intended to focus more on “affluent individual customers and international companies that are likely to yield more in fees for the bank”.
Yesterday, the bank in Zambia, through its company secretary Doris Tembwe, also issued a cautionary announcement to its shareholders through the Lusaka Securities Exchange about its intended restructuring of its business by selling its wealth and retail banking (WRB).
“Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a further announcement is made,” Ms Tembwe said.
Poor PR. Explain to people exactly what is going on. Rumours dont start from no where. SEC and LUSE what say you? Remember ACB? Meridian? Commerce bank? BCC? All these banks didnt close without a rumour. Tell the public what is really going on. Failing to do just make cause a run.