Standard Chartered Bank and Access Bank Plc have entered into agreements for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone as well as its consumer, private and business banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the Central Bank of Nigeria (CBN).
The announcement was made today at Standard Chartered’s headquarters in London in the presence of senior representatives from both banks. The agreement was signed by Regional CEO, Africa and Middle East, Standard Chartered, Sunil Kaushal and Group Managing Director, Access Bank, Roosevelt Ogbonna.
This agreement 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 of Standard Chartered’s businesses across the five countries.
The two banks will work closely together in the coming months to ensure a seamless transition with the transaction expected to be completed in the next 12 months.
Commenting on the agreement, Kaushal said: “Following on the announcement we made in April last year, the project is now substantially completed with the announcement for the sale of the 5 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 better support our clients.
We look forward to working closely with Access Bank’s team in the coming months to bring this transaction to a successful completion while protecting the interests of our loyal clients and prioritizing our workers.”
“We are pleased to sign this agreement today and express our gratitude for being chosen as Standard Chartered’s preferred partner in this transaction, in which it is exiting four African markets and refocusing on one.”
“Standard Chartered Bank has built a solid presence in these markets for over 100 years as a distinguished regional and international bank with a rich heritage spanning over 150 years,” Ogbonna added.
Standard Chartered deliberately chose to exit numerous markets, including Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan.
In April 2022, Standard Chartered deliberately opted to depart the consumer private and business banking (CPBB) sector in Côte d’Ivoire and Tanzania, as well as from Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan.
The bank announced the sale of its operations in Zimbabwe in early June and Jordan in March of this year. Standard Chartered has substantially completed the divestment process from the markets announced in April 2022, with the exception of Côte d’Ivoire, where it is still actively involved in conversations with possible buyers to sell its CPBB business in the nation.
