Audio By Carbonatix
Standard Chartered has reached an agreement to sell its subsidiaries in five sub-Saharan African countries to Nigeria's Access Bank, putting into motion a plan announced last year to divest those businesses.
Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings.
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.
"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.
The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said.
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.
"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.
Latest Stories
-
The Thomas Partey Case: Presumption of innocence, sovereignty and the World Cup
28 minutes -
Konongo crash leaves multiple injured
48 minutes -
Book Launch: Political Economy of Institutionalising Monitoring & Evaluation Practice in Africa
58 minutes -
Residents protest destruction of sacred Dodowa Forest for interim market Â
59 minutes -
New York Knicks win NBA championship for first time in over 50 years
1 hour -
Panic as body of 67-year-old woman is stolen from Adevukope cemetery
1 hour -
Unidentified road crash victim at 37 Military Hospital yet to be claimed
2 hours -
High Court orders Greater Accra Regional Minister to be served for alleged contempt
2 hours -
Court did not encourage reconciliation in Nyinahin SHS assault case — Judicial Service
2 hours -
Refuse crisis deepens as over 500 Aboboyaa riders queue for hours
3 hours -
McGinn the hero as Scotland clinch memorable victory
4 hours -
Iran win four staff visa appeals but 11 banned
5 hours -
Norway braces for verdict in rape trial of crown princess’s son Høiby
5 hours -
Suspected armed robber dies from gunshot wound after snatching a taxi at La
6 hours -
Over 458,000 children miss school due to child labour in Ghana — CHRAJ
6 hours