Access Bank Plc has agreed to acquire the sub-Saharan subsidiaries of Standard Chartered Bank. The deal includes Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone, as well as its consumer, private, and business banking businesses in Tanzania.
Standard Chartered had previously announced its intention to withdraw from seven countries in Africa and the Middle East to focus on high-growth markets within the region. This acquisition will allow Access Bank to provide a full range of banking services and ensure continuity for employees and clients of Standard Chartered’s businesses in the mentioned countries.
Sunil Kaushal, Standard Chartered’s Regional CEO for Africa and the Middle East, stated that this strategic decision enables the bank to redirect resources to other areas with significant growth potential. The agreement aligns with Standard Chartered’s global strategy to achieve operational efficiencies, reduce complexity, and drive scale.
The regulatory approvals in Nigeria and other countries where Standard Chartered operates are still pending. Given their recent European expansion and deepened presence in key trading corridors across Africa, Access Bank’s Managing Director, Roosevelt Ogbonna, expressed the bank’s commitment to bridging the gap between cross-border and domestic transfers across all business segments.
This acquisition follows Access Bank’s recent majority equity stake acquisition in Finibanco Angola. The Group CEO of Access Holdings, Dr Herbert Wigwe, highlighted their progress in integration planning and their intent to leverage their distribution network, technology, and risk and governance practises to serve high-growth businesses and the consumer sector in Angola while promoting innovation and deepening the financial sector.
