Access Bank Plc and Standard Chartered Bank have announced a significant agreement for the acquisition 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. The completion of each transaction is subject to approval from local regulators and the banking regulator in Nigeria.
The official statement was released on Friday at Standard Chartered’s Headquarters in London, with senior representatives from both banks present. The statement was signed by Sunil Kaushal, the Regional Chief Executive Officer, Africa & Middle East at Standard Chartered, and Roosevelt Ogbonna, the Group Managing Director of Access Bank Plc.
The agreement aligns with Standard Chartered’s global strategy of enhancing operational efficiencies, reducing complexity, and driving scale. Access Bank will ensure continuity and provide a comprehensive range of banking services to employees and clients in the five aforementioned countries.
Over the next 12 months, Access Bank and Standard Chartered Bank will collaborate closely to ensure a seamless transition. This strategic decision allows Standard Chartered Bank to redirect resources within the AME region, focusing on other areas with substantial growth potential and better supporting their clients.
Sunil Kaushal expressed his satisfaction with the progress, stating, “Following the announcement we made in April last year, the project is now substantially completed with the sale of the five markets and the partnership with Access Bank. This enables us to allocate resources more effectively within the AME region.”
Roosevelt Ogbonna commented, “We are delighted to sign this agreement today and are grateful for being chosen as Standard Chartered Bank’s preferred partner in this transaction, which involves their exit from four African markets and refocusing in one. Standard Chartered Bank has an illustrious history spanning over 150 years, and we appreciate their solid presence in these markets for more than a century.”
The partnership between Access Bank and Standard Chartered Bank marks a significant development in the African banking sector, expanding Access Bank’s footprint in the region and driving forward their shared commitment to delivering excellent financial services to customers across Africa.
