- Sub-Saharan Subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to be sold
According to Reuters, Standard Chartered Bank has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Nigeria’s Access Bank
Driving The News
Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank.
It will also sell its consumer, private, and business banking business in Tanzania.
Why This Matters
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.
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.
What They’re Saying
“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.
“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.
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