Access Bank Takes Over Standard Chartered Bank After 130 Years of Operations

Standard Chartered has agreed to sell its shareholding in subsidiaries across five African countries to Nigeria’s Access Bank, marking a significant milestone in the British lender’s ongoing retreat from selected emerging markets. The deal, for an undisclosed sum, will see Access Bank take over Standard Chartered’s operations in Angola, Cameroon, The Gambia, Sierra Leone, and the consumer, private and business banking (CPBB) division in Tanzania.

The transaction is part of Standard Chartered’s broader strategy to simplify its global footprint, reduce operational complexity, and concentrate resources on markets with higher growth potential. The bank previously announced plans to exit seven countries across Africa and the Middle East, including Lebanon, Zimbabwe and Jordan, where divestments have already been completed.

With this latest agreement, the only remaining asset on the divestment agenda is the CPBB business in Côte d’Ivoire, where sale discussions are ongoing. The deal with Access Bank brings the exit process close to completion, enabling Standard Chartered to reallocate capital and strategic focus within the AME region.

Employees and clients of Standard Chartered’s affected operations will be transitioned to Access Bank, which will work closely with the outgoing lender to ensure a smooth handover. The transition is expected to be finalised within the next 12 months, subject to regulatory approvals in each respective country.

For Access Bank, the acquisition forms a core part of its ambitious five-year growth plan, aimed at building a dominant presence across Africa’s financial landscape. The bank views the expansion as a chance to strengthen its cross-border capabilities, particularly in trade, investment and payment services between Africa and global markets.

Access Bank’s group managing director, Roosevelt Ogbonna, said the move supports the bank’s mission to become a world-class payments gateway, using technology and deep regional networks to bridge the gap between domestic and international financial services. The bank’s recent expansion into Europe and continued investment in digital infrastructure underscore this strategy.

As part of the integration, Access Bank will migrate the newly acquired entities onto Oracle’s Flexcube platform, which currently supports the group’s core banking operations. Work on the transition from Standard Chartered’s legacy systems to Flexcube is already underway.

Sunil Kaushal, Standard Chartered’s regional CEO for Africa and the Middle East, said the divestment aligns with the bank’s long-term priorities and will allow it to better support its clients in other high-growth markets. He added that the decision reflects a strategic shift to sharpen focus where the bank sees the most potential for sustainable growth.

The deal reinforces the shifting dynamics of African banking, where local and regional players like Access Bank are increasingly expanding their footprint through strategic acquisitions, filling the gap left by global institutions re-evaluating their presence in emerging markets.