Access Bank Plc and Standard Chartered Bank have reached agreements for Access Bank to acquire Standard Chartered’s subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its consumer, private, and business banking business in Tanzania. The completion of each transaction is subject to approval from local regulators and the Nigerian banking regulator.
The announcement was made at Standard Chartered’s London headquarters in the presence of senior representatives from both banks. The agreement aligns with Standard Chartered’s global strategy to achieve operational efficiencies, reduce complexity, and drive scale. Access Bank will ensure continuity of banking services for employees and clients in the five countries.
The transition process will be closely coordinated between Access Bank and Standard Chartered over the next 12 months. This strategic decision allows Standard Chartered to reallocate resources to other areas with significant growth potential while strengthening support for its clients.
Roosevelt Ogbonna, Group Managing Director of Access Bank Plc, expressed appreciation for being selected as the preferred partner in this transaction, which involves Standard Chartered’s exit from four African markets and a refocus on one. Standard Chartered, with its extensive history spanning over 150 years, has established a solid presence in these markets for more than a century.