Standard Chartered Bank has entered into an agreement to sell its business interests to Access Bank in five African countries. The bank will relinquish its shareholding subsidiaries in Angola, Cameroon, The Gambia, Sierra Leone, as well as Consumer, Private, and Business Banking Services (CPBBS) in Tanzania.
The agreement signing ceremony took place at the bank’s headquarters in London, with senior officials from both institutions, Sunil Kaushal, Regional CEO, Africa, and the Middle East Standard Chartered, and Roosevelt Ogbonna, Group Managing Director of Access Bank, signing on behalf of their respective banks.
With this move, Standard Chartered has nearly completed the divestment process from African markets, with the exception of Côte d’Ivoire, where they are actively engaged in discussions with potential buyers for the sale of their CPBB business in the country.
Standard Chartered stated that Access Bank, under the agreement, will continue to offer a full range of banking services and ensure continuity for key stakeholders, including employees and clients in the five aforementioned countries.
Mr. Sunil Kaushal, Regional CEO, Africa, and the Middle East Standard Chartered, expressed that this strategic decision would enable the bank to reallocate resources within the African and Middle East region, focusing on areas with significant growth potential, thereby better supporting their clients.
On the other hand, Mr. Roosevelt Ogbonna, Group Managing Director of Access Bank, praised Standard Chartered for choosing Access Bank as their preferred partner in this transaction. He sees this as a significant step towards building a strong global franchise that will serve as a gateway for payments, investment, and trade within Africa and with the rest of the world.
Both banks are committed to ensuring a successful conclusion to the transaction while safeguarding the interests of their clients and prioritizing the welfare of their employees.
It is important to note that the completion of the transaction is subject to local regulatory approval from the respective banks and the Banking Regulator in Nigeria.
This move aligns with Standard Chartered Bank’s strategic decision to divest from several markets in the Africa and Middle East sub-region, as it previously announced its sale of business in Zimbabwe and Jordan, and exited the CPBB business in Côte d’Ivoire and Tanzania in 2022.
