Top African lender expands by acquisition

Access Bank Plc and Standard Chartered Bank have recently announced an agreement regarding the acquisition of Standard Chartered’s subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its consumer, private, and business banking operations in Tanzania.

The completion of each transaction is contingent upon the approval of local regulators in the respective countries, as well as Nigeria’s banking regulator.

The announcement was made at Standard Chartered’s Headquarters in London, with senior representatives from both banks in attendance. The agreement was signed by Sunil Kaushal, the Regional Chief Executive Officer of Africa & Middle East at Standard Chartered, and Roosevelt Ogbonna, the Group Managing Director of Access Bank Plc.

In a statement, it was revealed that the sale of Standard Chartered’s business in Sub-Saharan Africa to Access Bank aligns with the bank’s global strategy to enhance operational efficiencies, streamline complexity, and achieve scalability.

Access Bank will assume responsibility for delivering a comprehensive range of banking services and ensuring business continuity for stakeholders, including employees and clients in the five aforementioned countries.

Over the next 12 months, Access Bank and Standard Chartered Bank will work closely together to facilitate a smooth transition of operations.

Sunil Kaushal commented on the agreement, stating, “Following our announcement in April last year, this project has now reached a significant milestone with the sale of the five markets and the establishment of a partnership with Access Bank. This strategic decision enables us to reallocate resources within the AME region to areas with substantial growth potential, ultimately enhancing our ability to support clients.”

Expressing satisfaction with the agreement, Roosevelt Ogbonna said, “We are delighted to finalise this agreement and extend our gratitude for being chosen as Standard Chartered Bank’s preferred partner in this transaction, as they exit four African markets and refocus their operations in one. With a distinguished history spanning over 150 years, Standard Chartered Bank has established a strong presence in these markets for over a century.”

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