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Standard Chartered has reaffirmed its commitment to Ghana while simultaneously entering sales agreements with Access Bank Plc in five African countries.
Standard Chartered Bank and Access Bank Plc have agreed to sell Standard Chartered’s ownership in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its Consumer, Private, and Business Banking operations in Tanzania. The completion of each transaction needs approval from local regulators in the respective countries and the banking regulator in Nigeria.
The announcement was made at Standard Chartered’s headquarters in London, where senior representatives from both banks were present. Sunil Kaushal, the Regional CEO of Africa & Middle East at Standard Chartered, and Roosevelt Ogbonna, the Group Managing Director of Access Bank Plc, signed the agreement. The decision to partner with Access Bank aligns with Standard Chartered’s global strategy, which aims to enhance operational efficiencies, reduce complexity, and drive scale.
Access Bank will ensure the continuity of a comprehensive range of banking services for stakeholders, including employees and clients of Standard Chartered’s businesses in the countries above. Over the next 12 months, Access Bank and Standard Chartered will collaborate closely to ensure a seamless transition.
Sunil Kaushal, Regional CEO of Africa & Middle East at Standard Chartered, expressed his thoughts on the agreement, stating, “With this announcement, we have substantially completed the divestment process from the markets announced last year, allowing us to redirect resources within the AME region to areas with significant growth potential. We aim to support our clients better and look forward to working closely with Access Bank’s team to successfully conclude this transaction while prioritizing the interests of our valued clients and employees.”
Roosevelt Ogbonna, Group Managing Director of Access Bank Plc, also commented on the agreement, saying, “We are delighted to sign this agreement and express our gratitude for being chosen as the preferred partner in this transaction, through which Standard Chartered is exiting four African markets and refocusing in one. As a distinguished regional and international bank, Standard Chartered has established a solid presence in these markets over the past century.”
This strategic transaction marks a significant milestone in Access Bank’s journey to develop a solid global franchise that is a gateway for payments, investment, and trade within and between Africa and the rest of the world. Access Bank aims to achieve this through its robust capital base, focus on execution, and commitment to delivering exceptional customer service and governance.
“Our 5-year growth plan will establish a world-class payments gateway, leveraging technology and a strong network of relationships across our operating countries,” added Ogbonna. “We will bridge the gap between cross-border and domestic transfers across all business segments, supported by a dynamic ecosystem of local and international partnerships. We remain dedicated to positively impacting our host communities.”
In April 2022, Standard Chartered dove from several markets, including Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan. It also exited the Consumer, Private, and Business Banking business in Côte d’Ivoire and Tanzania.
Standard Chartered previously announced the sale of its business in Zimbabwe in June and in Jordan in March of this year. With this latest announcement, Standard Chartered has primarily completed the divestment process from the markets mentioned in April 2022, except for Côte d’Ivoire, which continues discussions with potential buyers to sell its Consumer, Private, and Business Banking business.
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Source: Omanghana.com
