Access Bank Plc and Standard Chartered Bank have entered into 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, and business banking business in Tanzania.
Each transaction is subject to the approval of the respective local regulators and the banking regulator in Nigeria.
A statement was made on Friday at Standard Chartered’s Headquarters in London, in the presence of senior representatives from both banks. The statement was signed by the Regional Chief Executive Officer, Africa & Middle East, Standard Chartered, Sunil Kaushal, and the Group Managing Director, Access Bank Plc, Roosevelt Ogbonna.
The statement mentioned that the agreement with Access Bank for the sale of the bank’s business in Sub-Saharan Africa aligns with Standard Chartered’s global strategy to achieve operational efficiencies, reduce complexity, and drive scale.
According to the statement, Access Bank will provide a full range of banking services and ensure continuity for key stakeholders, including employees and clients, in the Standard Chartered businesses across the five aforementioned countries.
Access Bank and Standard Chartered Bank will work closely together in the coming months to ensure a seamless transition, with the transaction expected to be completed within the next 12 months.
Sunil Kaushal commented on the agreement, stating, “Following the announcement we made in April last year, the project is now substantially completed with the announcement for the sale of the five markets and the furtherance of a partnership with Access Bank. 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.”
Roosevelt Ogbonna also commented on the agreement, stating, “We are pleased to sign this agreement today and express our appreciation for being selected as the preferred partner to Standard Chartered Bank through this transaction, in which it is exiting four African markets and refocusing in one. As a distinguished regional and international bank with a rich heritage spanning over 150 years, Standard Chartered Bank has built a solid presence in these markets for over 100 years.”