Access Bank Completes Acquisition of Standard Chartered Subsidiaries
By Abiodun Folarin
Access Bank PLC has officially acquired Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
This development was disclosed in a statement signed by the Company Secretary, Sunday Ekwochi.
The acquisition follows the July 2023 agreement between Access Bank and Standard Chartered Bank for the purchase of Standard Chartered’s shareholdings in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, alongside its Consumer, Private, and Business Banking operations in Tanzania.
Speaking on the milestone, Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC and CEO of the Banking Group, stated:
“We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone. These transactions provide synergies to enhance our earnings quality in both markets by significantly expanding our Corporate and SME banking footprint. This represents another major step towards our broader vision of becoming the world’s most respected African bank.”
Efforts are underway to finalize the remaining transactions, including acquiring Standard Chartered Bank’s subsidiaries in Cameroon and The Gambia, as well as its Consumer, Private, and Business Banking operations in Tanzania.
Access Holdings PLC remains committed to providing timely updates as the process progresses.
