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Access Bank acquires Standard Chartered’s subsidiaries in 5 African countries

By Delisha Fernandes

August 01, 2023

  • Access Bank Plc
  • FinTech Africa
  • Fintech news

Access Bank PlcStandard Chartered and Access Bank Plc have entered into agreements to sell Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone and its Consumer, Private & Business Banking (CPBB) business in Tanzania.

Each transaction remains subject to the approval of the respective local and banking regulators in Nigeria.

Access Bank will provide a full range of banking services and continuity for key stakeholders, including employees and clients of Standard Chartered’s businesses across the five countries mentioned above. Access Bank and Standard Chartered will work closely together in the coming months to ensure a seamless transition, with the transaction expected to be completed over the next 12 months.

Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, said, “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 support our clients better. 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.”

For Access Bank, this strategic transaction represents a crucial 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, anchored by a robust capital base a relentless focus on execution; and best-in-class customer service and governance structures.

Roosevelt Ogbonna, Group Managing Director, Access Bank Plc, said,  “We are pleased to sign this agreement today and express our appreciation for being selected as the preferred partner to Standard Chartered 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 has built a solid presence in these markets for over 100 years.”

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