Access Bank Plc has reached an agreement to acquire the sub-saharan subsidiaries of Standard Chartered Bank.
Details of the acquisition deal show that Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access Bank as well as its consumer, private & business banking business in Tanzania.
The acquisition is coming on the heels of Access Bank’s acquisition of a majority equity stake in Finibanco Angola. The bank completed the acquisition of Finibanco after receiving regulatory approval from the Central Bank of Nigeria as well as the Angolan Competition Authority.
Last year, Standard Chartered announced plans to withdraw from seven countries in Africa and the Middle East (AME) to focus on improving profits through a strategic emphasis on high-growth markets within the region.
Standard Chartered Regional CEO for Africa and the Middle East, Sunil Kaushal said, while commenting on the deal, said: “This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential”
According to him, “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”
The agreement is in line with Standard Chartered’s global strategy “aimed at achieving operational efficiencies, reducing complexity, and driving scale,”
The deals are said to be subject to regulatory approvals in Nigeria as well as other countries that Standard Chartered operates in.
MD of Access Bank, Roosevelt Ogbonna, 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.”
