Standard Chartered Plc is putting its East African headquarters in Nairobi up for sale as part of efforts to reduce its property footprint across the region.
Through its Kenyan subsidiary, Standard Chartered Bank Kenya Ltd, the bank has listed the seven-storey building sitting on 1.88 acres in a prime part of the city. This follows the sale of two other properties in Kenya last year, highlighting a broader plan to streamline its real estate holdings.
The lender emphasised that the decision does not signal any pullback from Kenya. It said the move forms part of a “strategic property and capital optimisation initiative” tied to a wider effort to use office space more efficiently.
Standard Chartered has been restructuring its global business, cutting back in some parts of Africa and the Middle East since April 2022 to prioritise wealth management and cross-border transaction banking. Under this plan, it has withdrawn from markets such as Zimbabwe, Angola, Zambia, Tanzania, Jordan, and Lebanon.
Financial disclosures also indicate the bank incurred a combined loss of about $10 million from exiting Cameroon and The Gambia, including $5.4 million from selling its Gambian operations and $5.3 million linked to its Cameroon business.
Even so, the bank has continued to grow in selected areas. It has launched new offices in Egypt and Morocco and recently helped arrange a $2.33 billion syndicated loan for Tanzania’s Standard Gauge Railway project.
The bank reiterated its long-standing commitment to Kenya, noting it has operated there for over 110 years and remains focused on supporting clients in one of East Africa’s leading financial centres.