Standard Chartered is selling its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone to Nigeria’s Access Bank, as part of its plan to exit several markets in Africa. The deal includes the acquisition of Standard Chartered’s consumer, private, and business banking business in Tanzania. This move aligns with the bank’s strategy to achieve operational efficiencies and focus on areas with significant growth potential.
Facts
- Standard Chartered is selling its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone to Access Bank.
- Access Bank will also acquire Standard Chartered’s consumer, private, and business banking business in Tanzania.
- This divestment is in line with Standard Chartered’s global strategy to reduce complexity and drive scale.
- Standard Chartered had previously announced its plan to exit seven countries in Africa and the Middle East to improve profits.
- The recent agreement with Access Bank completes Standard Chartered’s divestment process, except for ongoing discussions about the sale of its CPBB business in Côte d’Ivoire.
- Access Bank will work closely with Standard Chartered to provide banking services to key stakeholders, including employees and clients in the affected countries during the transition.
- The sale is expected to be completed within the next 12 months, pending regulatory approvals. Access Bank will migrate the acquired businesses to its core banking system, Flexcube.
