Access Bank’s Acquisition Of Stanchart: Thrilling Experience To Consolidate Status As Africa’s No.1 Bank By Customer Base
The Oasis Reporters
July 15, 2023
When the news that said “We’re thrilled to announce our agreement to acquire
@StanChart ’s (Standard Chartered) shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, along with its extraordinary Consumer, Private & Business Banking business in Tanzania” hit the public, Access Bank’s trajectory became very obvious.
We're thrilled to announce our agreement to acquire @StanChart’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, along with its extraordinary Consumer, Private & Business Banking business in Tanzania. #MoreThanBanking #AccessMore pic.twitter.com/t1hG0PKDVc
— Access Bank Plc (@myaccessbank) July 14, 2023
Access Bank Plc and Standard Chartered Bank have gone into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its consumer, private and business banking business in Tanzania that Standard Chartered is exiting from.
And the countries it is exiting from has a new owner in Nigeria that is deft in turning financial outlets around positively all over Africa.
Each transaction remained subject to the approval of the respective local regulators and the banking regulator in Nigeria.
A statement said the announcement was made on Friday at Standard Chartered’s Headquarters in London, in the presence of senior representatives from both banks, and signed by, the Regional Chief Executive Officer, Africa & Middle East, Standard Chartered, Sunil Kaushal, and the Group Managing Director, Access Bank Plc, Roosevelt Ogbonna.
The statement said, “The agreement with Access for the sale of the bank’s business in Sub-Saharan Africa is in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale.
“Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients in the Standard Chartered businesses across the five aforementioned countries.
“Access and Standard Chartered Bank will work closely together in the coming months to ensure a seamless transition, with the transaction expected to be completed over the next 12 months.”
Commenting on the agreement, Kaushal, said, “Following on the announcement we made in April last year, the project is now substantially completed with the announcement for the sale of the five markets and the furtherance of a partnership with Access Bank.
“This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential, ultimately enabling us to better support our clients.
Commenting on the agreement, Ogbonna stated, “We are pleased to sign this agreement today and express our appreciation for being selected as the preferred partner to Standard Chartered Bank through this transaction, in which it is exiting four African markets and refocusing in one.
“As a distinguished regional and international bank with a rich heritage spanning over 150 years, Standard Chartered Bank has built a solid presence in these markets for over 100 years.”
The Nigerian bank that is going global seems set to maintain it’s position as the leading ‘Buy Up And Merge’ expert, utilizing it’s turnaround expertise to become Africa’s largest bank by customer base. This time, it is taking on a highly reputable brand and being called upon to acquire a chunk of it, shows the esteem in which Access Bank is held in.
Access bank has thus made it’s training school in the commercial city of Lagos as one of Africa’s leading banking schools that is highly sought after by bankers on the continent.
With Its total assets worth $28.8 billion, Access Bank assumes the enviable position of being Africa’s largest bank by customer base. It has 42 million customers at over 600 branches in Nigeria, The Gambia, Kenya, Rwanda, Sierra Leone, Zambia, UK, Kenya, Mozambique, Burundi, South Africa, DR Congo and Ghana.
Access Bank, Africa's largest bank by customer base, has 42 million customers at over 600 branches in Nigeria, The Gambia, Kenya, Rwanda, Sierra Leone, Zambia, UK, Kenya, Mozambique, Burundi, South Africa, DR Congo and Ghana.
— Africa Facts Zone (@AfricaFactsZone) June 9, 2022
Its total assets are worth $28.8 billion. pic.twitter.com/DZE4dtmOgl
Atlas Mara has sold its operations in Botswana to Access Bank of Nigeria. This sales undertaking happened a few months ago.
Atlas Mara also sold its banks in Rwanda, Mozambique, Tanzania and Zambia to Equity Bank of Kenya.
2/4. Atlas Mara sold its operations in Botswana to Access Bank of Nigeria a few months ago. It also sold its banks in Rwanda, Mozambique, Tanzania and Zambia to Equity Bank of Kenya. pic.twitter.com/AWyQvxjZGC
— mmatigari (@matigary) February 26, 2023
With this new acquisition by Access Bank of a chunk of Standard Chartered (@Stanchart), when the new figures crunch, the financial institution is going to announce much bigger earnings and its robustness on the field is going to be evident.
Greg Abolo
gregabolo@gmail.com
