Standard Chartered and Access Bank have signed an agreement for the sale of Standard Chartered’s business in five Sub-Saharan African countries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private and Business Banking business in Tanzania, to Access Bank.
The deal is part of Standard Chartered’s global strategy to achieve operational efficiencies and reduce complexity.
The transaction is subject to approval from local regulators and the banking regulator in Nigeria.
Access Bank will provide continuity for employees and clients of Standard Chartered’s businesses in the five countries.
The transaction is expected to be completed over the next 12 months.
Access Bank has also entered into an agreement to acquire a majority equity stake in BancABC Tanzania.
Article updated 1 week ago. Content is written and modified by multiple authors.
