Access Bank Plc (Access) is awaiting the approval of banking regulators to finalise the acquisition of Standard Chartered Bank’s businesses in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private, and Business Banking business in Tanzania.
The deals which had been signed by the two banks, now await the approval of the respective local regulators and the banking regulator in Nigeria, according to the announcement Friday at Standard Chartered’s Headquarters in London in the presence of senior representatives from both banks.
In the agreement signed by Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, and Roosevelt Ogbonna, Group Managing Director, Access Bank Plc, the acquisition by Access Bank of the bank’s business in Sub-Saharan Africa is in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale.
Henceforth, Access Bank will 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. The transaction is expected to be completed over the next 12 months during which Access and Standard Chartered Bank will work closely together to ensure a seamless transition.
Commenting on the agreement, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, said: “Following on the announcement we made in April last year, the project is now substantially completed with the announcement for the sale of the 5 markets and the furtherance of a partnership with Access Bank. This strategic decision allows us to redirect resources within the AME 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.”
Roosevelt Ogbonna, Group Managing Director, Access Bank Plc, stated, “We are pleased to sign this agreement today and express our appreciation for being selected as the preferred partner to Standard Chartered Bank through this transaction, in which it is exiting four African markets and refocusing in one. As a distinguished regional and international bank with a rich heritage spanning over 150 years, Standard Chartered Bank has built a solid presence in these markets for over 100 years.”
For Access, this strategic transaction represents 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, anchored by a robust capital base; a relentless focus on execution; and best-in-class customer service & governance structures.
“At Access Bank, we are committed to reshaping the global perception of Africa and African businesses, even as we continue to build toward our vision to be the World’s Most Respected African Bank. Our 5-year growth plan will see us build a world-class class payments gateway leveraging the power of technology and supported by a dynamic ecosystem of local and international partnerships, enabling us to serve global payments and remittances efficiently. 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. More importantly, we are committed to impacting our host communities positively,” Ogbonna added.
In April 2022, Standard Chartered strategically decided to divest from a number of markets, namely Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan, and to exit the CPBB (Consumer Private and Business Banking) business in Côte d’Ivoire and Tanzania. The Bank announced the sale of its business in Zimbabwe earlier in June and in Jordan in March this year. With this announcement, Standard Chartered has substantially completed the divestment process from the markets announced in April 2022, except Côte d’Ivoire where it remains actively engaged in discussions with potential buyers for the sale of its CPBB business in the country.
Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 18 countries, and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa, the United Kingdom, and Europe, with representative offices in China, Lebanon, India, and the UAE.
Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution that combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management, and capital management capabilities. The Bank services its various markets through five business segments: Personal, Business, Operations and IT, Commercial, and Corporate & Investment Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
Comments are closed.