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, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria.
The announcement was made at the Standard Chartered’s Headquarters in London in the presence of senior representatives from both banks; Signed by, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered and Roosevelt Ogbonna, Group Managing Director, Access Bank Plc.
The agreement with Access for the sale of the bank’s business in Sub-Saharan Africa is in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale.
Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients in the Standard Chartered businesses across the five aforementioned countries. Access and Standard Chartered Bank will work closely together in the coming months to ensure aleveraging the power of technology and supported by a dynamic ecosystem of local and international partnerships, enabling us to serve global payments and remittances efficiently.
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. More importantly, we are committed to impacting our host communities positively,” Ogbonna added.
In April 2022, Standard Chartered strategically decided to divest from a number of markets, namely Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan, and to exit the CPBB (Consumer Private and Business Banking) business in Côte d’Ivoire and Tanzania.
The Bank announced its sale of its business in Zimbabwe earlier in June and in Jordan in March this year. With this announcement, Standard Chartered has substantially completed the divestment process from the markets announced in April 2022, except Côte d’Ivoire where it remains actively engaged in discussions with potential buyers for the sale of its CPBB business in the country.
Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 18 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa, the United Kingdom, and Europe, with representative offices in China, Lebanon, India and the UAE.
Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities.
The Bank services its various markets through five business segments: Personal, Business, Operations and IT, Commercial and Corporate & Investment Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible.