On June 13, Standard Chartered officially ended its 130-year presence in The Gambia, as Access Bank of Nigeria assumed ownership of the international bank’s operations in the country.
The Central Bank of Gambia’s governor, Buah Saidy, confirmed the completion of the transaction at a press conference in Banjul on Thursday.
“The process was done very well, in a very prudent manner and in a transparent manner. The buyer is Access Bank Limited, they bought Standard Chartered Bank. And as of tomorrow, Friday, 13th June, Standard Chartered Bank will cease to operate, and we will ask them to return the licence of Standard Bank,” Saidy said.
Access Bank becomes significant financial player in Gambia
The deal closes a chapter for Standard Chartered, which has operated in The Gambia since 1895. With the transfer, Access Bank officially becomes one of the most prominent financial players in the Gambian market.
The Central Bank worked with both banks to ensure a smooth transition. Staff from Standard Chartered have been absorbed into Access Bank’s operations, preserving jobs and minimising disruption.
“It’s going to be another big bank with strong financial muscles to help finance economic activity in The Gambia, so it’s a development. The transition has been very smooth and the regulatory authorities have been working with both banks, their senior management, their board,” Governor Saidy added.
Safety of Standard Chartered’s clients’ and shareholders’ accounts under new management
Standard Chartered’s clients and shareholders also received assurances that their accounts and services would be safe under the new management.
This transaction is a component of Standard Chartered’s broader withdrawal from several African markets.
Standard Chartered began selling its retail and wealth management businesses in Africa and the Middle East in 2023 to concentrate on wealth management and high-net-worth customers.
Additionally, Access Bank purchased Standard Chartered’s Tanzanian, Cameroonian, Sierra Leonean, and Angolan subsidiaries last year. According to reports, the bank is negotiating to buy more of Standard Chartered’s holdings in Zambia, Uganda, and Botswana.
According to the company’s 2024 financial reports, Standard Chartered’s wealth management division now accounts for more than 30 percent of its total revenue.
With this most recent transaction, Access Bank ranks as one of the biggest banks in Africa in terms of assets. It has been rapidly growing since 2021, entering some African markets where Western banks have retreated.
As Access Bank strives to become Africa’s preeminent pan-African financial institution, the transaction strengthens its expanding regional footprint. In recent years, its strategy has focused on recovering from Western banks that have reduced their operations in Africa.
Techpression had earlier this month reported that Access Bank has acquired National Bank of Kenya Limited. The transaction began in March 2024 and was finalised after securing all required regulatory approvals.
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