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Access Bank Plc (Access) and Standard Chartered Bank (SCB) have entered into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone, and its Consumer, Private and Business Banking business in Tanzania.
Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria.
The transaction does not include Standard Chartered’s operations in Ghana.
The Regional Chief Executive Officer (CEO) of Standard Chartered, Africa and Middle East, Sunil Kaushal, signed the agreement on behalf of SCB, while the Group Managing Director of Access Bank Plc, Roosevelt Ogbonna, signed on behalf of Access Bank.
A release issued by Access Bank said the agreement for the sale of the SCB’s business in Sub-Saharan Africa was in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity and driving scale.
The release said Access Bank would provide a full range of banking services and continuity for key stakeholders, including employees and clients in the Standard Chartered businesses across the five aforementioned countries.
It said the two banks would work closely together in the coming months to ensure a seamless transition, with the transaction expected to be completed over the next 12 months.
Commenting on the agreement, Mr Kaushal, said “this strategic decision allows Access Bank to redirect resources within the Africa and Middle East region to other areas with significant growth potential, ultimately enabling us to better support our clients”.
“We look forward to working closely with Access Bank’s team over the coming months to achieve a successful conclusion to this transaction while safeguarding the interests of our valued clients and prioritising our employees,” the Regional CEO of Standard Chartered Bank stated.
For his part, Mr Ogbonna said the strategic transaction represented a key step in its journey to 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.
The Access Bank Group MD said that would be anchored by a robust capital base; a relentless focus on execution; and best-in-class customer service and governance structures.
“At Access Bank, we are committed to reshaping the global perception of Africa and African businesses, even as we continue to build towards our vision to be the ‘World's Most Respected African Bank’,” Mr Ogbonna stated.
