STANDARD Chartered has announced an agreement to divest its subsidiaries in five sub-Saharan African countries to Nigeria’s Access Bank, a move that aligns with the bank’s strategy to focus o
n faster-growing markets. The deal involves the sale of Standard Chartered’s shareholding in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank. Additionally, Access Bank’s subsidiary, Access Holdings, will acquire Standard Chartered’s consumer, private, and business banking business in Tanzania.
The decision to sell these subsidiaries was part of Standard Chartered’s plan, announced in April last year, to exit seven countries
in Africa and the Middle East in order to enhance profitability and operational efficiency. The completion of this transaction is expected within the next year, pending regulatory approvals in all respective countries involved, including Nigeria.
In a statement, Standard Chartered highlighted that Access Bank would ensure a seamless transition and continuity of banking services for employees and clients across the five countries. The move is consistent with Standard Chartered’s global strategy to drive operational efficiencies, reduce complexity, and enhance scale.
While the financial details of the deal were not disclosed, Sunil Kaushal, Standard Chartered’s regional CEO for Africa and the Middle East, emphasised the strategic nature of the decision. Kaushal stated, ‘This strategic decision allows us to redirect resources within the Africa and the Middle East region to other areas with significant growth potential.’
Access Bank, on the other hand, sees this acquisition as an opportunity to strengthen its global franchise and become a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world. Roosevelt Ogbonna, Managing Director of Access Group, highlighted the bank’s recent European expansion and its presence in key trading corridors across Africa, stressing the intention to bridge the gap between cross-border and domestic transfers across all business segments.
The completion of the deal will mark a significant step for both Standard Chartered and Access Bank as they navigate their respective strategic priorities in the dynamic African banking landscape.
