Access Bank to take over five African subsidiaries of Standard Chartered

 

L-R: Roosevelt Ogbonna, Group Managing Director, Access Bank Plc, and Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered at the signing of agreements for Access Bank’s acquisition of Standard Chartered’s

Standard Chartered confirms that it has finalized the sale of its African, Cameroon and The Gambia subsidiaries, as well as its Sierra Leone subsidiary, and its Consumer, Private & Business Banking Tanzania subsidiary. Standard Chartered said in a letter to BusinessDay that each transaction is subject to approval by the relevant local regulatory authorities and the banking regulatory authority in Nigeria.

Nigeria’s largest financial services group is expected to extend its reach across the continent, having already expanded into strategic markets such as Angola and South Africa, as well as Botswana, Zambia and Mozambique, according to Standard Chartered. According to the bank, Access Bank will offer a comprehensive banking service and continuity to key stakeholders, such as employees and clients, across the five countries. Standard Chartered said that the agreement to sell its Sub-Saharan African business to Access is consistent with its global strategy, which seeks to achieve operational efficiency, reduce complexity and drive scale. Access Bank UK and Daniel Ford: Real estate investing in the UK

This strategic decision provides us with the opportunity to redeploy resources within the Africa and Middle East regions to other regions with high growth potential, according to a statement from Standard Chartered, Regional CEO for AME. President and Chief Executive Officer of Access Bank Plc Roosevelt Ogbonna said in a statement that this strategic transaction marks a significant milestone in the bank’s journey to build a global franchise focused on providing a world-class payments gateway for intra-Africa and intra-regional trade, backed by a strong capital base, a strong execution culture, and world-class customer service and governance structures. Ogbonna added that Access Bank Plc’s 5-year growth strategy will see the bank build a world class payments gateway through the use of technology and a strong network of relationships across its operating countries.

This will be underpinned by a vibrant network of local and global relationships, allowing us to provide global payments and transfers effectively. In light of our recent European growth and our increased presence in key trade corridors in Africa, we look forward to bridging the gap between international and domestic transfers in all business areas. More importantly, we aim to make a positive impact on our host communities. This announcement comes after Standard Chartered decided in April 2022 to divest from the following markets: Lebanon - Angola - Cameroon - Gambia - Sierra Leone - Zimbabwe - Jordan - Standard Chartered’s business in Zimbabwe was sold earlier in June, while Jordan was sold in March of this year. Standard Chartered has completed the majority of the divestments from the markets it announced in April, with the exception of Cote d'Ivoire, where it is still in talks with potential buyers to sell its CPBB (consumer private and business banking) business.