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StanChart to exit SME biz in Bahrain

Standard Chartered Bank is expected to exit from its small and medium enterprise lending business in Bahrain. Sources confirming this development said the bank 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. Standard Chartered is scaling back after two years of lower profit amid slower growth in Asia. The bank is seeking to sell its retail banking business in Oman, where it has three branches and employs about 100 people. The bank also decided to reverse a decision to exit from its Islamic retail business in Bahrain after facing regulatory hurdles.

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