StanChart Completes Exit From Cameroon, Hands Over To Access Bank
Standard Chartered (StanChart) has finalised the divestment of its Cameroon business, successfully completing the handover of operations to Access Bank Cameroon. This move is consistent with StanChart’s broader global strategy, which was initiated in April 2022, with the announcement of the divestiture of its business from seven countries across Africa and the Middle East.
The countries StanChart has marked for divestment, besides Cameroon, are Angola, Sierra Leone, Zimbabwe, Gambia, Lebanon, and Jordan. The migration of the Cameroon business marks the second concluded sale, with Jordan (which was sold to Arab Jordan Investment Bank) concluded in 2023.
The bank’s leadership emphasised that the core objective of the divestitures was to streamline their international footprint to better serve clients in countries where the impact would be maximised. Anna Asonganyi, CEO for Standard Chartered Cameroon, commented on the transition, noting that the priority throughout the process was to ensure a smooth transfer for both staff and clients. She expressed confidence that the high standards of service and support established by StanChart would continue under Access Bank’s management.
Kariuki Ngari, Managing Director and CEO for Standard Chartered Kenya, reiterated the strategic rationale, highlighting that the decision to sell the businesses in seven markets was fundamentally about driving efficiencies and scale. He also confirmed the two institutions successfully completed the integration of their banking operations, including branches, personnel, and client portfolios, into Access Bank’s existing infrastructure, over the course of two years.
Despite the physical exit from the onshore banking market, Ngari confirmed that StanChart will maintain a presence and continue to operate as a facilitator, acting as a crucial bridge for international capital flows into Cameroon.
In the interim, the StanChart is still waiting regulatory approvals to complete their divestitures in Gambia and Sierra Leone, where Access Bank will once again take over, and Zimbabwe, where First Capital Bank is set to become its new home.
Featured Image Courtesy: International Finance Magazine
