Access Bank Plc has reached an agreement to acquire the sub-saharan subsidiaries of Standard Chartered Bank.
In the acquisition deal, Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access Bank as well as its consumer, private & business banking business in Tanzania.
Standard Chartered announced last year its intention to withdraw from seven countries in Africa and the Middle East (AME) to focus on improving profits through a strategic emphasis on high-growth markets within the region.
Commenting on the deal, Standard Chartered Regional CEO for Africa and the Middle East, Sunil Kaushal said:“This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential”.
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The bank also said: “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”
It is understood that the deals are subject to regulatory approvals in Nigeria as well as other countries that Standard Chartered operates in.
Also commenting on the acquisition, the MD of Access Bank, 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,”