Standard Chartered Bank, Access Bank reach agreement for sale of subsidiaries in five African countries

July 14, 2022
Standard Chartered Bank, Access Bank reach agreement for sale of subsidiaries in five African countries
Standard and Access Bank Agreement

Bank has finalized an agreement with for the sale of its shareholding subsidiaries in Angola, Sierra Leone, The Gambia, Tanzania, and .

The official announcement was made during a ceremony held at Standard Chartered Bank's headquarters in London. The agreement ensures that Access Bank will continue to provide comprehensive banking services to employees and clients of Standard Chartered's businesses in these countries.

The divestment process, initiated in April 2022, has substantially concluded, with the exception of Côte d'Ivoire where discussions for the sale of Standard Chartered's CPBB business are ongoing.

Sunil Kaushal, Regional CEO for Africa and the Middle East at Standard Chartered expressed that the decision would allow the bank to reallocate resources within the region. Both banks are committed to working closely together to ensure a smooth transition that prioritizes the interests of clients and employees.

Roosevelt Ogbonna, Group Managing Director of Access Bank, commended Standard Chartered for choosing Access Bank as a preferred partner in the transaction.

He emphasized that this strategic move positions Access Bank to serve as a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world.

Access Bank aims to reshape the global perception of Africa and African businesses, as stated by Ogbonna. Their five-year growth plan focuses on building a world-class payments gateway supported by technology, robust relationships, and local and international partnerships.

By expanding its presence in Europe and key trading corridors across Africa, Access Bank aims to bridge the gap between cross-border and domestic transfers across all business segments, positively impacting host communities.

Standard Chartered had previously decided to divest from several markets in Africa and the Middle East, including Lebanon, , Jordan, and the mentioned countries.

The sale of its Zimbabwean business was announced in June, while the Jordanian business sale was announced in March of this year. The transaction is subject to approval from the respective regulatory authorities.

With over 150 years of experience, Standard Chartered is a leading international banking group operating in dynamic markets worldwide. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

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