Access Bank Plc (Access) and Standard Chartered Bank have formally entered into agreements concerning the acquisition of Standard Chartered’s holdings in its subsidiaries across Angola, Cameroon, The Gambia, and Sierra Leone, as well as its Consumer, Private, and business Banking enterprise in Tanzania. These pivotal transactions are contingent upon the endorsement of the pertinent local regulatory bodies and the banking supervisory body in Nigeria.
In a recent announcement held at Standard Chartered’s London Headquarters, esteemed representatives from both banks were present to declare the alliance. The declaration was formally ratified by Sunil Kaushal, Regional CEO for Africa & Middle East at Standard Chartered, and Roosevelt Ogbonna, Group Managing Director of Access Bank Plc. This strategic engagement with Access Bank mirrors Standard Chartered’s global agenda, striving to attain enhanced operational efficiencies, streamlined processes, and an amplified scale.
Access Bank is poised to ensure the continuity of comprehensive banking services for vital stakeholders, including staff and patrons within Standard Chartered's operations across the five aforementioned nations. Over the subsequent twelve months, Access Bank and Standard Chartered Bank will work in tandem to ensure a seamless transition, culminating in the finalization of the transaction.
Discussing the development, Sunil Kaushal remarked, "This undertaking aligns with our disclosure from April last year and marks a significant milestone in completing our strategic endeavors. The divestment from these five markets and the ensuing collaboration with Access Bank reinforces our determination to channel resources within the AME region towards areas with promising growth potential. This shift positions us to provide superior support to our esteemed clientele. We are enthusiastic about collaborating closely with Access Bank in the ensuing months to bring this transaction to a successful close while prioritizing the welfare of our valued patrons and our workforce."
Echoing these sentiments, Roosevelt Ogbonna, Group Managing Director of Access Bank Plc, affirmed, "The finalization of this agreement signifies a momentous occasion for us, and we express our gratitude for being selected as Standard Chartered Bank’s favored associate in this endeavor. This transaction entails the departure of Standard Chartered from four African markets, enabling them to refocus their efforts on one key market."
For Access Bank, this strategic move stands as a pivotal stride toward fostering a robust global franchise that centers on facilitating payments, investments, and trade within Africa, as well as between Africa and other global regions. This trajectory is underpinned by a resilient capital foundation, unparalleled customer service, and robust governance structures.
Ogbonna elaborated, "Our entry into the Tanzanian market is a testament to our commitment to ensure seamless and secure financial access for every Tanzanian. Our commitment to innovation underscores our drive to enhance speed, security, and service quality, ultimately elevating the customer experience. Our overarching goal remains to reshape international perceptions of Africa and its business landscape, all while striving to uphold our vision of becoming the World's Most Respected African Bank. Importantly, our commitment extends to making positive contributions to our host communities."
Additionally, Access Bank has solidified an agreement for the acquisition of a majority equity stake in African Banking Corporation (Tanzania) Limited ("BancABC Tanzania"), a comprehensive commercial bank with an operational legacy spanning more than two decades in Tanzania. This pact consolidates Standard Chartered’s Consumer, Private & Business Banking operations onto Access Bank’s platform. Clients stand to benefit from heightened access to trade finance, treasury solutions, international payments, and loans via Access Bank’s extended distribution network across key trade routes. Moreover, they will have access to a diverse range of products and services through a state-of-the-art digital platform and a branch network spanning the East African region.