Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos
No Result
View All Result
Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos
No Result
View All Result
Digital Barker

Access Bank secures deal to acquire Standard Chartered’s subsidiaries in 5 African countries

Precious by Precious
July 29, 2023
0
Access Bank secures deal to acquire Standard Chartered’s subsidiaries in 5 African countries

Access Bank Plc, one of Nigeria’s top commercial banks, has successfully completed necessary negotiations for a move to acquire the sub-Saharan subsidiaries of Standard Chartered Bank for an undisclosed fee.

Standard Chartered will sell off its stake in subsidiaries across Angola, Cameroon, Gambia, and Sierra Leone to Access Bank. Access Bank will also acquire Standard Chartered’s consumer, private, and business banking business in Tanzania.

This development was made public today at Standard Chartered’s Headquarters in London and was headlined by, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, as well as Roosevelt Ogbonna, Group Managing Director, Access Bank Plc.

How to use chatGPT to make money

ADVERTISEMENT

The acquisition, which excludes Standard Chartered’s Nigerian subsidiary, aligns with the UK bank’s strategy to divest its businesses in Africa and focus on faster-growing markets in the region.

Standard Chartered’s decision to exit these countries in Africa and the Middle East is aimed at enhancing profitability. The bank plans to redirect resources within the region to areas with significant growth potential. The transaction is however yet to receive full regulatory approvals in all five countries involved but is expected to be completed within the next 12 months.

“Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered’s businesses across the five aforementioned countries,” Standard Chartered said in an official statement.

Access Bank, on the other hand, sees this acquisition as an opportunity to strengthen its global presence and act as a gateway for payments, investment, and trade within and outside Africa.

Roosevelt Ogbonna, the Managing Director of Access Group, expressed enthusiasm about the deal, highlighting that Access Bank’s recent expansion in Europe and deepened presence in key trading corridors across Africa will facilitate cross-border and domestic transfers across all business segments.

The acquisition positions Access Bank, already Nigeria’s largest bank by assets, as a prominent player in the African banking landscape and is expected to significantly increase its value.

This development reflects a larger trend of European banks withdrawing from African markets. Atlas Mara exited seven African markets in October 2021, followed by Credit Suisse in February 2022, and BNP Paribas reducing its African footprint in the same month. European banks commonly cite the high-risk and low-yielding nature of retail banking in Africa as a reason for their retreat. However, the impact of these exits on native African banks, such as those in Nigeria, remains to be seen, as their stock prices continue to rise.

ShareTweetPin

More Stories

Microsoft
News

Microsoft Announces 6,000 Global Layoffs to Streamline Operations and Invest in AI

2 weeks ago
Meta Image
News

Meta Clarifies Nigeria Chat Alert as Anti-Scam Measure, Not Discrimination.

3 weeks ago
AI powered Google Ads
News

Google Introduces AI-Powered Campaign Tools For African Businesses

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

Trending Stories

NDIC Set To Probe Eyowo And 182 Other Microfinance Banks

Space Universe Africa: How the new technology company wants to power the future

Fintech Partnerships To Reduce Remittance Costs Across Africa.

Platos Health Secures $1.4Million Pre-Seed Funding to Launch Preventive Health Device in Nigeria.

Nigeria Launches First Indigenous AI Software To Transform Education.

How AI is Revolutionizing Search and Digital Experiences in Sub-Saharan Africa

In a major re-brand move, Aboki Africa is now Grey!

TLcom secures $150mn Pan-African tech fund to invest in 20 startups

President Buhari will unveil the e-Naira tomorrow

Facebook reportedly plans to change its name

  • About
  • Advertise
  • Privacy Policy
  • Contact
  • Jobs

© 2025 Digital Barker

No Result
View All Result
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos

© 2025 Digital Barker