Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

StanChart to sell sub-Saharan Africa business to Access Bank

by Staff GBAF Publications Ltd
0 comment

StanChart to sell sub-Saharan Africa business to Access Bank

DUBAI (Reuters) – Standard Chartered said on Friday it has reached an agreement to sell its subsidiaries in sub-Saharan Africa 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.

 

(Reporting by Yousef Saba; editing by Jason Neely)