The agreement also provides for the transfer of its business banking, private banking and retail banking services to the Nigerian group. This announcement comes one month after the Briton officially sold it’s stakes in his Zimbabwean subsidiary to the local financial group FCB Holdings, in the quest of Chartered Bank to disengage from African markets.
Sunil Kaushal, Regional CEO of Africa and Middle East Standard Chartered says « Following the announcement we made in April last year, the project is now almost complete with the announcement of the sale of the 5 markets and the continuation of a partnership with Access Bank. This strategic decision allows us to redirect resources from the AME region to other areas with high growth potential, thus allowing us to better support our customers ».
Standard stated that the agreement will be concluded in the next 12 months while both parties work to ensure a healthy transition. However, the agreements remain subject to regulatory approvals by each of the regulators of each party as the amount of this operation has not been disclosed yet.
The managing director of the Access Bank Plc Group, Roosevelt Ogbonna on his side looks forward to be top class bank in Africa. « At Access Bank, we are committed to reshaping the global perception of Africa and African companies, even as we continue to progress towards our vision of being the most respected African bank in the world. Our 5-year growth plan will allow us to build a world-class payment gateway leveraging the power of technology and a strong network of relationships in our countries of operation. This will be supported by a dynamic ecosystem of local and international partnerships, allowing us to efficiently serve global payments and remittances ».
It should be noted that this agreement does not concern the Ivorian subsidiary where the British group intends to divest from its business banking, private banking and retail banking services to focus exclusively on services dedicated to companies and institutions. Standard said it was “actively engaged” in discussions with potential buyers for the sale of this business in the country.