Standard Chartered Bank and Access Bank Plc (Access) have entered into treaties for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania.
Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria.
The announcement was made today at Standard Chartered’s Headquarters in London in the presence of senior representatives from both banks and was signed by, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, and, Roosevelt Ogbonna, Group Managing Director, Access Bank Plc.
The agreement with Access for the sale of the bank’s business in Sub-Saharan Africa is in line with Standard Chartered’s global strategy, aimed at accomplishing operational efficiencies, reducing complexity, and driving scale.
Access Bank will provide a full range of banking services and continuity for key stakeholders containing employees and clients of Standard Chartered’s businesses across the five aforementioned countries.
Access Bank and Standard Chartered will work closely together in the coming months to ensure a seamless transition, with the marketing expected to be obtained over the next 12 months.
Edited by Damilola Adeleke
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