Victor Ezeja
Access Bank has acquired Standard Chartered Tanzania’s Consumer, Private, and Business Banking division.
Join our WhatsApp ChannelThe company made this known announcement via social media on Monday, stressing that the move is part of efforts to expand its capacity to “offer inclusive, digitally-driven financial services across Tanzania, East Africa, and beyond.”
Prime Business Africa reports that Standard Chartered has sold its stake in subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone as part of its efforts to decouple its banking operations throughout sub-Saharan Africa.
According to the bank, the decision to decouple was informed by the need to raise funds for further investments in its leading wealth management business.
According to Access Bank, the acquisition enables it to expand financial inclusion and unlock economic potential for the good of all Tanzanians.
“This strategic move significantly expands our capacity to offer inclusive, digitally-driven financial services across Tanzania, East Africa, and beyond. It allows us to solidify drive innovation, deepen financial inclusion, and unlock economic potential for the benefit of all Tanzanians,” the bank stated via Instagram.
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Commenting on the development, Chief Executive for Standard Chartered Tanzania, Herman Kasekende, said: “This transition represents a pivotal moment for Standard Chartered as we refocus our efforts on our core strengths. Our priority throughout this process has been to ensure a seamless transition for our employees and clients, who are at the heart of everything we do.”
He expressed his confidence that SC’s retail customers and employees will continue to receive the excellent service and support they have become used to under Access Bank Plc.
This comes one month after Access Bank announced that it has completed the acquisition of the National Bank of Kenya (NBK) from KCB Group Plc. The bank said the acquisition is a significant step in the consolidation of its presence in Kenya and the larger East African markets.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
