Access Bank surges forward, buys StanChart’s Sub-Saharan Africa business

The sale of Standard Chartered’s subsidiaries in Angola, Cameroon, The Gambia, Sierra Leone, and its consumer, private, and corporate banking operations in Tanzania has been finalized.

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

According to Standard Chartered’s worldwide strategy, which aims to achieve operational efficiencies, reduce complexity, and increase scale, the deal with Access for the sale of the bank’s operations in Sub-Saharan Africa is in keeping with these objectives.

For key stakeholders, such as staff and clients of StanChart’s companies throughout the five markets, Access Bank will offer a full range of financial services and continuity. The transaction is anticipated to be finished within the next 12 months. Therefore, Access Bank and StanChart will collaborate closely in the coming months to guarantee a smooth transition.

Sunil Kaushal, StanChart’s regional CEO, Africa and the Middle East said: “The project is now substantially completed with the announcement for the sale of the five markets. This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential.”

Trade between Africa and the world

On his part, Roosevelt Ogbonna, Access Bank Plc, Group MD, stated: this strategic transaction represents a key 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.”

“At Access Bank, we are committed to reshaping the global perception of Africa and African businesses, even as we continue to build toward our vision to be the World’s Most Respected African Bank. Our 5-year growth plan will see us build a world-class class payments gateway leveraging the power of technology and a robust network of relationships across our operating countries,” Ogbonna added.

Last year, StanChart made the decision to quit the consumer private and business banking (CPBB) business in Tanzania and Côte d’Ivoire as well as from a number other markets, including Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan.

The Bank announced the sale of its operations in Jordan in March and Zimbabwe earlier in June. Except for Côte d’Ivoire, where it is still actively in talks with possible bidders for the sale of its CPBB business there, StanChart has finished the divestiture process from the markets announced in April 2022.

Read also: StanChart quadruples returns from deposits with local banks

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