Standard Chartered reaches deal for sales of subsidiaries in Cameroon and four other SSA countries

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Standard Chartered reaches deal for sales of subsidiaries in Cameroon and four other SSA countries

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- Sunday, 16 July 2023 03:54

(Business in Cameroon) - British bank Standard Chartered announced today (July 14), an agreement with Nigeria’s Access Bank for the sales of its subsidiaries in Angola, Cameroon, Gambia, Sierra Leone, and Tanzania.

The transaction is subject to approval from the two parties’ respective regulators. According to the British bank, the deal is expected to be finalized in the next 12 months, allowing both parties to ensure a smooth transition.

In April 2022, Standard Chartered Bank announced its intention to exit seven countries in Africa and the Middle East. Since then, Tanzania has been added to the list. For Sunil Kaushal, Standard Chartered’s regional CEO for the Africa and Middle East region, the project is almost completed.

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