Standard Chartered Bank has agreed to sell its subsidiaries in five sub-Saharan African countries to Nigeria’s Access Bank, as the London Stock Exchange-listed lender presses ahead with plans to exit seven markets in Africa and the Middle East.
Standard Chartered said it will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access.
Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria.
Standard Chartered said the deal aligns with its global strategy that is aimed at achieving operational efficiencies, reducing complexity and driving scale.
“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,” said Roosevelt Ogbonna, group managing director of Access Bank.
For Access Bank, the deal 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.
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 countries. The two banks will work closely together in the coming months to ensure a seamless transition, with the deal expected to close in the next 12 months.
Standard Chartered strategically decided to divest from several markets in April 2022 including Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan as well as exiting the consumer private and business banking business in Côte d’Ivoire and Tanzania.
The bank agreed to sell its Zimbabwean business to FBC Holdings in June and its Jordanian business to Arab Jordan Investment Bank in March 2023.
