Multinational banking giant Standard Chartered is considering selling its retail banking and credit card business in Bangladesh, with BRAC Bank and City Bank reportedly showing interest in acquiring the operations.

According to sources at Bangladesh Bank and the three banks, separate meetings have already been held between Standard Chartered and the two prospective buyers. Senior officials from the bank’s headquarters and regional offices also met with the Bangladesh Bank governor to brief him on the matter.

Sources said Standard Chartered expressed interest in exiting its retail banking business in Bangladesh in July this year. Several local banks subsequently approached the multinational lender, but BRAC Bank and City Bank are currently among the interested parties in discussions.

Standard Chartered reportedly has around Tk 16,000 crore in retail deposits in Bangladesh, against approximately Tk 10,000 crore in retail loans. Its retail operations include deposit accounts, credit and debit cards, personal, auto and home loans, as well as Islamic banking and specialised services for non-resident Bangladeshis.

City Bank currently has around Tk 45,000 crore in individual deposits and approximately Tk 12,000 crore in consumer loans. BRAC Bank has about Tk 53,000 crore in individual deposits and nearly Tk 14,000 crore in consumer loans.

Officials from both City Bank and BRAC Bank said preliminary discussions have taken place, but no final agreement has been reached. Any acquisition would require valuation, regulatory approvals and completion of other formal procedures.

Standard Chartered Bangladesh said it does not comment on market rumours or speculation. The bank, however, reaffirmed its commitment to Bangladesh and said the Standard Chartered Group regularly reviews the effectiveness of its global business model and takes measures where necessary to concentrate resources where it can offer the greatest value to customers.