Standard Chartered Bank and Access Bank Plc have reached agreements for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its Consumer, Private & Business Banking business in Tanzania, subject to regulatory approval.
Access Bank will take over the operations in the aforementioned countries, ensuring continuity for employees and clients. The transition is expected to completed within the next 12 months.
In April 2022, Standard Chartered made a decision to divest from several markets, including Lebanon, Angola, Cameroon, The Gambia, Sierra Leone, Zimbabwe, and Jordan. The bank also planned to exit the Consumer, Private, and Business Banking business in Côte d’Ivoire and Tanzania.
The sale of Standard Chartered’s business in Zimbabwe was announced in June, and the divestment from Jordan was disclosed in March of the same year. With this recent agreement, Standard Chartered has nearly completed its divestment process from the markets mentioned in April 2022, except for Côte d’Ivoire, where discussions with potential buyers for the sale of the CPBB business are ongoing.
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