Standard Chartered Plc has said it has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Access Bank, a subsidiary of Access Holdings, according to a statement issued recently.
In April 2022, Standard Chartered said it would completely end operations in seven African countries as well as the Middle East (AME) as part of the arrangements to upscale its businesses.
Announcing the deal, Standard Chartered said it will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access Bank.
The multinational said Access Bank will also take over its consumer, private and banking business in Tanzania.
“Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered’s businesses across the five aforementioned countries,” Standard Chartered said.
“The agreement is in line with Standard Chartered’s global strategy aimed at achieving operational efficiencies, reducing complexity, and driving scale.”
Meanwhile, the statement revealed that the deals are subject to regulatory approvals in each of the countries as well as in Nigeria.
Speaking on the transaction, Sunil Kaushal, regional chief executive officer (CEO) for AME, Standard Chartered, said, “This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential.”
On his part, Managing Director, Access Group, Roosevelt Ogbonna, said, “With our recent European expansion and our deepened presence in key trading corridors across Africa, we will bridge the gap between cross-border and domestic transfers across all business segments.”