Access Bank Plc and Standard Chartered Bank have reached an agreement for Access Bank to acquire 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. The announcement was made at Standard Chartered’s Headquarters in London, with the transactions subject to approval from local regulators and Nigeria’s banking regulator.
The move is aligned with Standard Chartered’s global strategy, focused on achieving operational efficiencies, reducing complexity, and driving scale. Access Bank will provide continuity and a full range of banking services to employees and clients in the five African countries where Standard Chartered is divesting.
The transition is expected to be seamless, with the transaction set to be completed over the next 12 months. Standard Chartered aims to redirect resources within the Africa and Middle East region to areas with significant growth potential, allowing better support for its clients.
Access Bank expressed its appreciation for being selected as the preferred partner for this strategic transaction. With Standard Chartered’s rich heritage of over 150 years in the region, Access Bank looks forward to taking over operations in the acquired markets and continuing to build on the bank’s solid presence in Africa.