Access Bank Plc has recently entered into an agreement to purchase the sub-Saharan subsidiaries of Standard Chartered Bank. As part of the deal, Standard Chartered will sell its holdings in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank, along with its consumer, private, and business banking business in Tanzania. This move aligns with Standard Chartered’s strategy to withdraw from several African and Middle Eastern countries to focus on high-growth markets and improve profitability.
Sunil Kaushal, the Regional CEO for Africa and the Middle East at Standard Chartered, commented on the agreement, stating that the decision allows the bank to reallocate resources within the region to areas with significant growth potential. The bank assured stakeholders, including employees and clients, that Access Bank will provide seamless continuity and a full range of banking services in the five countries mentioned.
The acquisition is consistent with Standard Chartered’s global strategy, which aims to achieve operational efficiencies, reduce complexity, and drive scale. However, the completion of the deals is subject to regulatory approvals in Nigeria and other countries where Standard Chartered operates.
Roosevelt Ogbonna, the Managing Director of Access Bank, emphasized the bank’s expanded presence in key trading corridors across Africa and its recent European expansion, which positions them to facilitate cross-border and domestic transfers across all business segments. Access Bank had previously acquired a majority equity stake in Finibanco Angola, and with the completion of this acquisition, they aim to leverage their extensive distribution network, advanced technology, and strong risk and governance practices to serve high-growth businesses and the growing consumer sector in Angola, promoting innovation and deepening the country’s financial sector.