Standard Chartered Bank has reaffirmed its commitment to Ghana as it enters into sales agreements with Access Bank Plc for its subsidiaries in multiple African countries.
The bank has agreed to sell its shareholding in subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its Consumer, Private and Business Banking business in Tanzania.
The transactions are subject to regulatory approval.
The announcement was made at Standard Chartered's headquarters in London, with representatives from both banks present.
Sunil Kaushal, Regional CEO of Africa & Middle East at Standard Chartered, expressed that this strategic decision allows the bank to redirect resources within the region and better support clients.
Access Bank will take over the banking services and ensure continuity for employees and clients of Standard Chartered in the mentioned countries.
The two banks will work closely together over the next 12 months to facilitate a seamless transition.
Roosevelt Ogbonna, Group Managing Director of Access Bank, highlighted the significance of this transaction in Access Bank's journey to build a strong global franchise.
He emphasized their commitment to reshaping the perception of African and African businesses, supported by technology, partnerships, and efficient global payments and remittances.
Standard Chartered's divestment strategy, initiated in April 2022, included various markets such as Lebanon, Zimbabwe, and Jordan.
The bank has substantially completed the divestment process, except for Côte d'Ivoire, where discussions with potential buyers for the sale of its CPBB business are ongoing.
