Standard Chartered sells African subsidiaries to Access Bank

Standard Chartered Bank has agreed to sell its business interest to Access Bank in five African countries.

The Bank will give up its shareholding subsidiaries in Angola, Cameroon, The Gambia, Sierra Leone as well as Consumer, Private and Business Banking Services (CPBBS) in Tanzania.

The announcement was made during an agreement signing ceremony at the headquarters of the bank in London of which senior officials of the two banks Sunil Kaushal, Regional CEO, Africa and Middle East Standard Chattered and Roosevelt Ogbonna, Group Managing Director Access Bank signed the agreement on behalf of the banks.

With the announcement, Standard Chartered has substantially completed the divestment process from the markets in Africa, except in Côte d’Ivoire where it remains actively engaged in discussions with potential buyers for the sale of its CPBB business in the country.

In a statement Standard Chartered disclosed that ‘under the agreement, 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.”

Mr Sunil Kaushal, Regional CEO, Africa and Middle East Standard Chartered, said the strategic decision would enable the bank to redirect resources within the African and Middle East Region with ” significant growth potential and ultimately enable the bank to support its client,” he said.

He said the bank, ‘looks forward to working closely with Access Bank’s team over the coming months to achieve a successful conclusion to the transaction while protecting the interest of their clients and prioritizing employees.”

Mr Roosevelt Ogbonna, Group Managing Director Access Bank, lauded Standard Chartered for selecting Access Bank as a preferred partner in the transaction.

He said the transaction was a key step in building a global franchising for his outfit and could position the Access Bank to serve the rest of the world.

”For Access Bank this strategic transaction

represents a key step in its journey to build a strong global franchise to focused on serving as a gateway to for payments, investment and trade within Africa and between Africa and the rest of the world, anchored by robust capital base,” he said.

He also said, ‘at Access Bank, we are committed the global perception of African and African Businesses even as we continue to build toward our vision to the World’s Most Respected Bank.”

The statement, however indicated that the transaction would be subjected to the local regulatory approval of the respective banks and Banking Regulator in Nigeria.

The transaction also reflects Standard Chartered Bank strategic decision as it divested from a number of markets in the Africa and Middle East Sub region.

In April 2022, Standard Chartered strategically decided to divest from a number of markets, namely Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan, and to exit the CPBB (Consumer Private and Business Banking) business in Côte d’Ivoire and Tanzania.

The Bank announced its sale of its business in

Zimbabwe earlier in June and in Jordan in March this year

Source: Ghana News Agency

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