Branches and ATM booths have declined. Complaints over mobile banking services have increased. There have also been allegations that money was transferred from customers’ cards and bank accounts without their knowledge. It is at such a time that Standard Chartered Bank is in talks to sell its retail banking and card business in Bangladesh.
The multinational bank has held discussions with several local banks to sell the business, valued at around Tk8,000 crore. Among the banks that have held discussions are Brac Bank, City Bank, Pubali Bank and Mutual Trust Bank, according to information obtained by TIMES. Standard Chartered has set a condition that any buyer must take responsibility for around 1,500 officers and employees working in its retail and card services.
However, no buyer has yet been finalised and the formal bidding process has not started.
City Bank has already signed a non-disclosure agreement (NDA) to advance the acquisition process, while Brac Bank is also preparing to do so, sources said. Mutual Trust Bank and Pubali Bank, however, are taking a cautious approach.
In 2005, City Bank acquired the card business of American Express Bank after it exited Bangladesh.
Mutual Trust Bank Managing Director and CEO Syed Mahbubur Rahman told TIMES, “MTB has received a proposal from Standard Chartered. Such acquisitions are lengthy processes. Discussions are still at a very preliminary stage.”
City Bank CEO Mashrur Arefin declined to comment, citing confidentiality agreements.
On the possible transfer of the business, Bangladesh Bank Executive Director Arief Hossain Khan told TIMES, “Standard Chartered has formally informed Bangladesh Bank of its interest in selling its retail banking business. How and who will acquire it is their own matter. However, the central bank will monitor what decision is taken regarding employees.”
Standard Chartered did not directly comment on the planned sale. Describing it as “market speculation or rumours”, the bank said it does not comment on such speculation.
In a written statement to TIMES, Standard Chartered Country Head of Corporate Affairs and Brand and Marketing Bitopi Das Chowdhury said, “Standard Chartered Group regularly reviews the effectiveness of its global business model and takes steps to concentrate resources where there are opportunities to provide the most differentiated services for customers.”
Referring to the bank’s more than 120 years of presence in Bangladesh, she said it remains committed to the country.
“Our operations are continuing as usual and there is currently no change in our banking services and operations,” she said.
The bank has not commented on how customers, employees, personal data and unresolved transactions or fraud allegations would be handled if the business is sold.
Sources familiar with the matter said the business could be sold through a competitive bidding process, with external consultants likely to be engaged for valuation.
According to the bank’s 2025 financial report, its retail and cottage, micro, small and medium enterprise (CMSME) loan portfolio stood at Tk8,479 crore, accounting for around 28 per cent of its total loan portfolio. Retail customer deposits stood at around Tk8,000 crore during the same period.
However, Standard Chartered’s service footprint has narrowed in recent years. The bank had around 24 branches five years ago, compared with 18 currently. The number of ATMs and other self-service terminals has also declined.
The bank has introduced a minimum balance requirement of Tk50,000 for opening new accounts and recently stopped allowing money transfers to mobile financial service accounts.
Several allegations of fraudulent fund transfers have also been raised against the multinational lender.
In August this year, Standard Chartered customer Khokon Debnath lodged a complaint with Bangladesh Bank, alleging that Tk6 lakh was transferred from his account through the National Payment Switch Bangladesh (NPSB) in two transactions of Tk3 lakh each on 21 August.
He claimed he did not make the transactions and that the recipient account had not been added as a beneficiary. The complaint stated that although he received e-TAC and money transfer SMS notifications, he did not receive any confirmation email.
Earlier in August last year, allegations emerged that Tk27 lakh had been transferred without authorisation from the cards of 54 Standard Chartered customers to various mobile financial service accounts.
The allegations involved multiple transfers of Tk50,000 each. Some victims claimed they received one-time passwords (OTPs) on their phones but did not share them with anyone.
Following the incident, the bank temporarily suspended the ‘add money’ facility from cards to bKash and Nagad accounts. At the time, SCB said its local and global technology teams had examined its security systems and found no internal fault.
Customers have also raised complaints over mobile app outages, limited ATM access and card services.
Several customers have expressed dissatisfaction on social media. One customer wrote that they had to travel to a distant ATM during an emergency and received messages almost every week about scheduled digital service disruptions.
TIMES found dozens of complaint-related posts and comments on Facebook and LinkedIn.
Why local banks want SCB’s retail business
The biggest attraction of Standard Chartered’s retail business is not just its loan and deposit portfolio but also its customer base.
A significant share of the bank’s customers are high-income earners. Many executives of large local companies and multinational firms receive salaries through the bank and use multiple banking services.
This customer base has made Standard Chartered’s business attractive to local lenders.
Brac Bank and City Bank have already held separate preliminary discussions with Standard Chartered, while Pubali Bank and Mutual Trust Bank have also emerged as potential buyers.
City Bank’s individual deposits stand at around Tk45,000 crore and consumer loans at around Tk12,000 crore. Brac Bank’s individual deposits are around Tk53,000 crore and consumer loans around Tk14,000 crore.
Adding Standard Chartered’s retail customers and deposits would significantly expand the retail operations of both banks.
However, the requirement to take responsibility for around 1,500 employees is reportedly making potential buyers reconsider their interest.
Part of global strategy
Standard Chartered’s plan to exit retail banking in Bangladesh is part of a broader global strategy.
Over the past few years, the bank has scaled back retail operations in several markets worldwide while shifting capital towards higher-profit corporate, institutional and wealth management businesses.
Standard Chartered has sold or reduced parts of its retail operations in Sri Lanka, several Middle Eastern markets and India.
The UK-based lender has operated banking services in this region since 1905. In 2025, the bank posted a net profit of Tk3,220 crore, the highest among the country’s 62 banks. Earlier, in 2024, it reported a net profit of Tk3,300 crore.
