Access Bank Completes Takeover of Standard Chartered Bank Division

• Access Bank Plc has fully acquired Standard Chartered Tanzania’s Consumer, Private, and Business Banking division
• The move will now allow Access Bank to provide financial services to SMEs, women, and high-net-worth individuals.
• Access Bank also announced that it has taken over Standard Chartered in the Gambia after 130 years of operations

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Access Bank has announced the successful acquisition of Standard Chartered Tanzania’s Consumer, Private, and Business Banking division.

The company made this announcement via its Tanzania branch's Instagram handle on Monday, June 23.

The bank said the move is a strategic advancement in its regional presence.

This move aims to enhance Access Bank's ability to deliver inclusive, digitally-driven financial services not only in Tanzania but also across East Africa and beyond.

The acquisition is set to bolster Access Bank's capacity to innovate, deepen financial inclusion, and unlock economic potential across Tanzania.

This development promises a broader spectrum of financial products and dedicated support tailored for high-net-worth clients.

Additionally, it said there are initiatives aimed at empowering SMEs and fostering economic growth, particularly among women entrepreneurs.

In a statement, Access Bank expressed its commitment to providing enhanced services that cater to diverse customer needs, reinforcing its dedication to shaping a more inclusive financial future.

The statement reads:

"Exciting news for Tanzania. We have successfully completed the acquisition of Standard Chartered Tanzania’s Consumer, Private, and Business Banking division.

"This strategic move significantly expands our capacity to offer inclusive, digitally-driven financial services across Tanzania, East Africa and beyond. It allows us solidifies drive innovation, deepen financial inclusion, and unlock economic potential for the benefit of all Tanzanians.

"From a wider range of products and dedicated support for high-net-worth clients to empowering SMEs and women through initiatives, we are here to serve you better. Together we can shape a stronger and more inclusive financial future.

"We welcome our new clients and employees to the Access Bank family."

Standard Chartered CEO speaks

Reacting to the development, Herman Kasekende, Chief Executive of Standard Chartered Tanzania, described the handover as a significant milestone for the bank.

Kasekende said:

"This transition represents a pivotal moment for Standard Chartered as we refocus our efforts on our core strengths.

“Our priority throughout this process has been to ensure a seamless transition for our employees and clients, who are at the heart of everything we do.”

He expressed confidence that under Access Bank Plc, Standard Chartered’s retail clients and staff would continue to enjoy the same high standards of service and support they have always known.

Ecobank displaces Zenith in tier-1 ranking

In a related development, Legit.ng reported that there is a shift in dynamics in the banking hierarchy, with Ecobank displacing Zenith Bank from the top tier-1 list, due to its 67.11% asset rally and its francophone West African operations.

The report noted that Fidelity Bank is on track to return to the tier-1 group by the end of 2025.

This is despite Fidelity Bank’s recent N225 billion Supreme Court judgement tied to its legacy acquisition of FSB International Bank.

Source: Legit.ng