Standard Chartered has reached an agreement to sell its subsidiaries in five sub-Saharan African countries to Nigeria’s Access Bank. The deal, which is expected to close in the first half of 2024, will see Access Bank acquire Standard Chartered’s businesses in Angola, Cameroon, Gambia, Sierra Leone, and Tanzania.
The sale is part of Standard Chartered’s plan to exit seven countries in Africa and the Middle East as it seeks to improve profits by focusing on faster-growing markets in the region. Access Bank, which is Africa’s largest bank by market capitalization, will provide a full range of banking services to the customers of Standard Chartered’s businesses in the five countries.
The deal is a major coup for Access Bank, which has been expanding its presence in Africa in recent years. The acquisition will give Access Bank a foothold in four new countries and significantly increase its customer base. It will also help Access Bank to become a more diversified bank with a stronger presence in the retail and commercial banking sectors.
The sale is also a sign of Standard Chartered’s commitment to its core markets in Asia and Europe. The bank has said that it will continue to invest in these markets and that it is confident in its long-term growth prospects.
The sale of Standard Chartered’s sub-Saharan Africa businesses to Access Bank is a significant development in the African banking landscape. The deal will give Access Bank a major boost in its quest to become a pan-African bank. It will also help Standard Chartered to focus on its core markets and to improve its profitability.
The deal is likely to have a number of positive implications for the African banking sector. It will increase competition in the region, which could lead to lower fees and better services for consumers. It will also help to boost investment in Africa, as Access Bank will be able to use its increased resources to lend to businesses and governments.
Overall, the sale of Standard Chartered’s sub-Saharan Africa businesses to Access Bank is a positive development for the African banking sector. It is a sign of the growing maturity of the region’s financial markets and it is likely to have a number of positive implications for consumers and businesses.