Standard Chartered to sell five of its businesses in sub-Saharan Africa to Access Bank

Standard Chartered Bank has reached an agreement to sell its subsidiaries in five sub-Saharan African countries to Access Bank PLC. The announcement was made by the multinational bank in a statement issued on Friday, July 14, 2023.

Standard Chartered said it will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access Bank. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings.

In April 2022, Standard Chartered Bank announced that it will exit seven countries in Africa and the Middle East as part of its strategy to enhance profits by focusing on faster-growing markets.

“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,” said Standard Chartered.

“The agreement is in line with Standard Chartered’s global strategy aimed at achieving operational efficiencies, reducing complexity, and driving scale, the statement further added.”

However, the agreement is subject to regulatory approvals in each of the countries as well as in Nigeria. 

Sunil Kaushal, regional chief executive officer (CEO) for AME, Standard Chartered, said: “This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential.”

The statement further said this agreement would help Access “build a strong global franchise focused on serving as a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world”.