Standard Chartered has reached an agreement to sell its subsidiaries in five sub-Saharan African countries to Nigeria's Access Bank, putting into motion a plan announced last year to divest those businesses.
Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings.
Standard Chartered said in April last year that it would exit seven countries in Africa and the Middle East (AME) as it seeks to improve profits by focusing on faster-growing markets in the region.
"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," Standard Chartered said in a statement.
The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said.
A value for the deal, which is expected to be completed in the next year, was not disclosed. The deals are subject to regulatory approvals in each of the countries as well as in Nigeria.
"This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential," Sunil Kaushal, Standard Chartered's regional CEO for AME, said in the statement.
The statement said the deal would help Access "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".
"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," Access Group Managing Director Roosevelt Ogbonna said in the statement.
Latest Stories
-
CLOGSAG vows to resist partisan appointments in Civil, Local Government Service
21 minutes -
Peasant Farmers Association welcomes Mahama’s move to rename Agric Ministry
23 minutes -
NDC grateful to chiefs, people of Bono Region -Asiedu Nketia
25 minutes -
Ban on smoking in public: FDA engages food service establishments on compliance
26 minutes -
Mahama’s administration to consider opening Ghana’s Mission in Budapest
27 minutes -
GEPA commits to building robust systems that empower MSMEs
30 minutes -
Twifo Atti-Morkwa poultry farmers in distress due to high cost of feed
32 minutes -
Central Region PURC assures residents of constant water, power supply during yuletide
33 minutes -
Election victory not licence to misbehave – Police to youth
35 minutes -
GPL 2024/2025: Nations thrash struggling Legon Cities
38 minutes -
Electoral offences have no expiry date, accountability is inevitable – Fifi Kwetey
38 minutes -
Ghanaians to enjoy reliable electricity this Christmas – ECG promises
45 minutes -
Police deny reports of election-related violence in Nsawam Adoagyiri
49 minutes -
‘We’re not brothers; we’ll show you where power lies’ – Dafeamekpor to Afenyo-Markin
52 minutes -
EPA says lead-based paints are dangerous to health, calls for safer alternatives
3 hours