What Standard Chartered and Access Bank Agreement Mean

Standard Chartered Bank and Access Bank Plc (Access) have agreed to sell off Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania.

The agreement which is subject to the approval of the respective local regulators and the banking regulator in Nigeria, was announced at Standard Chartered’s Headquarters in London.

Senior representatives from both banks were present as the agreement was signed by, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered and, Roosevelt Ogbonna, Group Managing Director, Access Bank Plc.

Speaking on the agreement, Sunil said, “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.”

In her remarks, Group Managing Director, Access Bank Plc said, “We are pleased to sign this agreement today and express our appreciation for being selected as the preferred partner to Standard Chartered through this transaction, in which it is exiting four African markets and refocusing in one.”

What you need to know

The recent agreement with Access Bank is in line with Standard Chartered’s global strategy. Their strategy seeks to achieve operational efficiencies, reduce complexity, and drive scale.

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.

Sunil also noted that they will be “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”. 

Access Bank GMD also hinted that the “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.”