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Friday, July 19, 2024

Access Bank Signs new Deal to acquire Standard Chartered’s subsidiaries in five African countries

By Suoyo Ekubo 

Standard Chartered has concluded agreements to sell its subsidiaries in Angola, Cameroon, The Gambia, Sierra Leone, and its consumer, private & business banking business in Tanzania.

Eveafrique Magazine gathered that Standard Chartered said each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria.

It noted that the agreement with Access for the sale of the bank’s business in Sub-Saharan Africa is in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale.

“This strategic decision allows us to redirect resources within the African and Middle East region to other areas with significant growth potential,” Sunil Kaushal, Standard Chartered’s regional CEO for AME, said in the statement.

Recall that in April 2022, Standard Chartered strategically decided to divest from a number of markets, namely Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan, and to exit the CPBB (Consumer Private and Business Banking) business in Côte d’Ivoire and Tanzania.

The Bank announced the sale of its business in Zimbabwe earlier in June and in Jordan in March this year.

With this announcement, Standard Chartered has substantially completed the divestment process from the markets announced in April 2022, except Côte d’Ivoire where it remains actively engaged in discussions with potential buyers for the sale of its CPBB business in the country.

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