Access Bank acquires shareholding subsidiaries of Standard Chartered in five African countries
The announcement was made during an agreement signing ceremony at the headquarters of the Bank in London, an official statement issued to the Ghana News Agency, in Accra said.
Senior officials of the two banks, Sunil Kaushal, Regional CEO, Africa and Middle East Standard Chartered and Roosevelt Ogbonna, Group Managing Director Access Bank signed the agreement on behalf of their respective banks.
Under the agreement: “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 statement said.
“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.
Mr Sunil Kaushal said the decision would enable the bank to redirect resources within the African and Middle East Region.
The Standard Chartered looked forward to working closely with Access Bank’s team over the coming months to achieve a successful conclusion to the transaction, while protecting the interest of their clients and prioritising employees.
Roosevelt Ogbonna for his part, praised Standard Chartered for selecting Access Bank as a preferred partner in the transaction.
He said the transaction was a key step in building a global franchising for his side, and could position the Bank to serve the rest of the world.
” For Access Bank this strategic transaction represents a key step in its journey to build a strong global franchise to focus on serving as a gateway to for payments, investment and trade within Africa and between Africa and the rest of the world, anchored by robust capital base, ‘’ he said.
He also said Access Bank aimed to reshape the perception of Africa and Africa businesses.
He explained: “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 five-year growth plan will see us build a world-class class payments gateway leveraging the power of technology and a robust network of relationships across our operating countries. This will be 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.”
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 its sale of its business in Zimbabwe earlier in June and in Jordan in March this year.
Before the transaction comes into force, it has to be subjected to the resident regulatory authority of the respective banks.
The decision comes at a time that Standard Chartered has decided to diverse from a number of banking markets in Africa and the Middle East.
With more than 150 years of experience, it has become a leading international banking group, with a presence in 57 of the world’s most dynamic markets and serving clients in a further 64.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.