Standard Chartered Bank and Access Bank Plc have announced their agreement for the sale of Standard Chartered’s subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its Consumer, Private, and Business Banking business in Tanzania, to Access Bank. The announcement was made at Standard Chartered’s headquarters in London, in the presence of senior representatives from both banks.
The move aligns with Standard Chartered’s global strategy of achieving operational efficiencies, reducing complexity, and driving scale. Each transaction is subject to the approval of local regulators and the banking regulator in Nigeria.
Access Bank will ensure continuity of banking services for employees and clients of Standard Chartered’s businesses in the aforementioned countries. The two banks will collaborate closely to facilitate a seamless transition, with the transactions expected to be finalized within the next 12 months.
Sunil Kaushal, the Regional Chief Executive Officer, Africa and Middle East at Standard Chartered, expressed his satisfaction with the agreement and emphasized the bank’s commitment to redirect resources to areas with significant growth potential. He assured clients and employees of a smooth transition.
Roosevelt Ogbonna, the Group Managing Director of Access Bank, expressed gratitude for being chosen as the preferred partner in this transaction. Access Bank aims to establish a robust global franchise focused on facilitating payments, investments, and trade within Africa and beyond. The bank envisions a world-class payments gateway, supported by technology and a strong network of relationships across its operating countries.
Standard Chartered had previously revealed plans to divest from several markets, including Lebanon, Zimbabwe, Jordan, and the mentioned African countries. The latest announcement signifies significant progress in the divestment process. However, discussions are still ongoing with potential buyers for the sale of its CPBB business in Côte d’Ivoire.
In addition, Access Bank has reached a definitive agreement for the acquisition of a majority equity stake in BancABC Tanzania. This move will allow for the consolidation of the CPBB business onto BancABC Tanzania’s platform. Regulatory approvals, including those from the Central Bank of Nigeria, are anticipated for the transaction.
Standard Chartered and Access Bank will collaborate closely over the coming months to ensure a seamless transition for all stakeholders involved.