Access Bank Moves to Acquire Operations of 100-Year-Old Standard Chartered Bank in 5 African Countries

• Access Bank and Standard Chartered Bank have agreed to the acquisition of Standard Chartered operations in some African Countries
• The deal will see Access Bank take over Standard Chattered Bank’s operations in Angola, Cameroon, The Gambia, and two other countries
• The development comes as Access Bank finanlised the acquisition of another bank in Angola

Access Bank and Standard Chartered Bank have entered into a pact to acquire Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, including its Consumer, Private, and Business Banking operations in Tanzania.

The transactions remain subject to the Central Bank of Nigeria (CBN) approval.

Access Bank spreads to other African countries, acquires a bank in Angola

Vanguard reports that the announcement was made on Friday, July 14, 2023, amid reports that it had concluded the acquisition of Angolan Finibanco Angola S.A.

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The two banks announced the deal at Chartered Bank’s Headquarters in London in the presence of top officials of both banks. Sunil Kaushal, Regional CEO of Africa & Middle East, Standard Chartered, and Access Bank’s Group Managing Director, Roosevelt Ogbonna, signed them.

The sale of the bank’s businesses in those countries aims to boost Access Bank’s businesses in Africa, which aligns with Standard Chatered’s global strategy, to achieve operational efficiencies, reduce complexity, and drive scale.

Per the pact, Access Bank will provide a complete range of banking services and continuity for critical stakeholders, including employees and clients in the countries involved.

The two banks will work closely in the coming months to ensure seamless transactions expected to be completed over the next 12 months.

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“Following on the announcement we made in April last year, the project is now substantially completed with the announcement for the sale of the 5 markets and the furtherance of a partnership with Access Bank,” Regional CEO, Africa & Middle East, Standard Chartered said.

Standard Chattered divests from African markets

Access Bank’s Group Managing Director, Roosevelt Ogbonna, said:

“We are pleased to sign this agreement today and express our appreciation for being selected as the preferred partner to Standard Chartered Bank through this transaction, in which it is exiting four African markets and refocusing on one. As a distinguished regional and international bank with a rich heritage spanning over 150 years, Standard Chartered Bank has built a solid presence in these markets for over 100 years.”

Standard Chartered, in 2022, decided to divest from some markets, including Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan, among others.

It also announced the sale of its business in Zimbabwe earlier in June and in Jordan in March this year.

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Access Bank acquires another bank in Angola, moves to dominate Africa

With the announcement, Standard Chartered has completed its divestment process from the markets announced in April 2022, except for Cote d’Ivoire, where it actively engages in discussions with potential buyers to purchase its CPBB business in the country.

Access Bank acquires another Bank in Angola, moves to dominate Africa

Legit.ng reported that the subsidiary of Access Holdings, Access Bank, has acquired a majority stake in Angolan Bank, Finibanco Angola S.A.

The development was revealed in a notice filed on the Nigerian Stock Exchange on Thursday, July 13, 2023.

Access Holdings announced the deal in October last year and said it had received regulatory clearance in Nigeria and Angola.

Source: Legit.ng