Standard Chartered Bank Nigeria has confirmed plans to shut down its Personal Banking segment as part of a restructuring effort to introduce a new Emerging Affluent segment targeting higher-value clients.
The bank revealed the development following reports that it was streamlining operations to focus on high-net-worth and upper-middle-income customers.
"As mentioned in our recent email, we are restructuring our services and will be closing the Personal Banking segment while introducing the Emerging Affluent segment.
"To continue enjoying our services, please ensure your Assets Under Management (AUM) meet the new minimum balance requirement of N7.5 million or its equivalent by 28 February 2026. Accounts that do not meet this requirement by the deadline will be closed," the bank said.
The bank further advised customers unable to meet the new threshold to transfer their funds to another financial institution or visit any of its branches for assistance.
Meanwhile, the lender announced that it has already met the Central Bank of Nigeria’s (CBN) N200 billion minimum capital requirement for national commercial banks, well ahead of the 2026 deadline.
In a statement, Chief Executive Officer (CEO) of Standard Chartered Bank Nigeria Limited, Dalu Ajene, described the milestone as a sign of the bank’s long-term commitment to Nigeria.
"Delivering on the CBN’s recapitalisation directive ahead of schedule underscores our unwavering confidence in the resilience and potential of the Nigerian economy.
"This achievement reaffirms Standard Chartered’s enduring partnership with Nigeria and our steadfast commitment to foster sustainable growth, support clients, and play a pivotal role in Nigeria’s financial and economic transformation," he said.
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