Access Bank Plc (Access) and Standard Chartered Bank have reached agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its Consumer, Private & Business Banking business in Tanzania.
These transactions are subject to approval from local regulators and the banking regulator in Nigeria.
The announcement was made on Friday at Standard Chartered’s Headquarters in London, with representatives from both banks present.
The agreement aligns with Standard Chartered’s global strategy of achieving operational efficiencies, reducing complexity, and driving scale.
Access Bank will ensure the continuity of banking services for employees and clients of Standard Chartered in the five mentioned countries. The two banks will work closely together to ensure a seamless transition, with the transaction expected to be completed within the next 12 months.
Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, commented on the agreement, stating, “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.
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.”
Roosevelt Ogbonna, Group Managing Director, Access Bank Plc, expressed his appreciation for being selected as the preferred partner for Standard Chartered Bank in this transaction.
He highlighted Access Bank’s commitment to reshaping the global perception of Africa and African businesses and its vision to be the World’s Most Respected African Bank. Ogbonna also emphasized Access Bank’s focus on building a world-class payments gateway, leveraging technology and partnerships to facilitate efficient global payments and remittances.
In April 2022, Standard Chartered decided to divest from several markets, including Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan.
The bank has substantially completed the divestment process from the markets announced in April 2022, except for Côte d’Ivoire, where it is actively engaged in discussions with potential buyers for the sale of its CPBB business in the country.
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