Standard Chartered to sell its Subsidiaries in Africa

Standard Chartered announced on Friday (July 14) that it has reached an agreement to sell its subsidiaries in Sub-Saharan Africa to Nigeria's Access Bank, putting into action a divestment plan announced last year.

Access will acquire Standard Chartered's stake in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone. In addition, it will sell its consumer, private, and business banking operations in Tanzania to Access Bank, a subsidiary of Access Holdings.

Standard Chartered announced in April of last year that it would exit seven African and Middle Eastern (AME) countries in order to increase profits by focusing on the region's faster-growing markets.

"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 a statement.

The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale", it said.