Access Bank Plc (Access) and Standard Chartered Bank have entered into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria.
The announcement was made recently at Standard Chartered’s Headquarters in London in the presence of senior representatives from both banks. Signed by Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered and Roosevelt Ogbonna, Group Managing Director, Access Bank Plc. 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.
Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients in the Standard Chartered businesses across the five aforementioned countries. Access and Standard Chartered Bank will work closely together in the coming months to ensure a seamless transition, with the transaction expected to be completed over the next 12 months.
Commenting on the agreement, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Charteredsaid, “Following on the announcement we made April last year, the project is now substantially completed with the announcement for the sale of the 5 markets and the furtherance of a partnership with Access Bank. This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential, ultimately enabling us to better support our clients. We look forward to working closely with Access Bank’s team over the coming months to achieve a successful conclusion to this transaction while safeguarding the interests of our valued clients and prioritizing our employees.”
Commenting on the agreement, Roosevelt Ogbonna, Group Managing Director, Access Bank Plc stated, “We are pleased to sign this agreement and express our appreciation for being selected as the preferred partner to Standard Chartered Bank through this transaction, in which it is exiting four African markets and refocusing in one.”
For Access Bank, this strategic transaction represents a key step in its journey to build a strong global franchise focused on serving as a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world, anchored by a robust capital base, unapparelled customer service and governance structures.
“Our entry into Tanzania is in fulfilment of the Bank’s promise to ensure easier and safer access to financial services for every Tanzanian. As an institution driven by innovation, we will deliver better outcomes for customers in terms of speed, security, and service to enhance customer experience.
“We are dedicated to reshaping the global perception of Africa and African businesses, even as we continue to build toward our vision to be the World’s Most Respected African Bank. More importantly, we are committed to impacting our host communities positively,” Ogbonna added.
Access Bank has also entered into a definitive agreement for the acquisition of majority equity stake in African Banking Corporation (Tanzania) Limited (“BancABC Tanzania”), a full-service commercial bank with over two decades of operations in Tanzania. This agreement is expected to consolidate Standard Chartered’s Consumer, Private & Business Banking business onto the Bank’s platform. Clients will have increased access to trade finance, treasury, international payments, and loans via the wider distribution network of Access Bank’s presence in the key trade corridors. Furthermore, they will benefit from being able to access more products and services through a best-in-class digital platform and a branch network spanning the East African region.
Source : The East Africa