TheCable

Standard Chartered Plc says it has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Access Bank, a subsidiary of Access Holdings.

The multinational bank made this known in a statement released on Friday.

In April 2022, Standard Chartered had said it would fully exit operations in seven countries in Africa and the Middle East (AME) as part of plans to upscale its businesses.

Announcing the deal, Standard Chartered said it will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access Bank.

The multinational said Access Bank will also take over its consumer, private and banking business in Tanzania.

“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,” Standard Chartered said.

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

The deals are subject to regulatory approvals in each of the countries as well as in Nigeria, the bank added. 

Commenting on the transaction, 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.” 

On his part, Roosevelt Ogbonna, managing director, Access Group, 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.”