Standard Chartered Bank has entered into agreements with Access Bank Plc for the sale of its shareholding in its subsidiaries in Africa.
These include Angola, Cameroon, The Gambia, Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania.
We're thrilled to announce our agreement to acquire @StanChart’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, along with its extraordinary Consumer, Private & Business Banking business in Tanzania. #MoreThanBanking #AccessMore pic.twitter.com/t1hG0PKDVc
— Access Bank Plc (@myaccessbank) July 14, 2023
The announcement was made at Standard Chartered’s Headquarters in London, with senior representatives from both banks present. The agreement was signed by Sunil Kaushal, Regional CEO for Africa & Middle East at Standard Chartered, and Roosevelt Ogbonna, Group Managing Director at Access Bank Plc.
The transaction is subject to regulatory approval and is expected to be completed over the next 12 months.
In April 2022, Standard Chartered said it would fully exit operations in seven countries in Africa and the Middle East (AME) as part of plans to upscale its businesses.
“This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential, ultimately enabling us to better support our clients,” Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, said.
“We look forward to working closely with Access Bank’s team over the coming months to achieve a successful conclusion to this transaction while safeguarding the interests of our valued clients and prioritising our employees.”
Access Bank will provide a full range of banking services and continuity for key stakeholders.
For Access Bank, the transaction represents a key step in its journey to build a strong global franchise focused on serving as a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world.
“With our recent European expansion and our deepened presence in key trading corridors across Africa, we will bridge the gap between cross-border and domestic transfers across all business segments.” ,” Roosevelt Ogbonna, Group Managing Director, Access Bank Plc.
The agreement is in line with Standard Chartered’s global strategy to achieve operational efficiencies and drive scale.