LONDON: Standard Chartered has agreed to sell its subsidiaries in five sub-Saharan African countries to Nigeria’s Access Bank, as part of its plan to exit some of its less profitable markets in the region.
The deal, which is expected to close in the next year, will see Access Bank take over Standard Chartered’s operations in Angola, Cameroon, Gambia, Sierra Leone and Tanzania. The value of the transaction was not disclosed.
Standard Chartered said the move was in line with its global strategy to achieve operational efficiencies, reduce complexity and drive scale. It said it would redirect resources within Africa and the Middle East to other areas with significant growth potential.
Access Bank said the acquisition would help it build a strong global franchise focused on serving as a gateway for payments, investment and trade within Africa and between Africa and the rest of the world.
The deal is subject to regulatory approvals in each of the countries as well as in Nigeria.
Hg and TA Associates make further investment in The Access Group
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