Standard Chartered Tanzania has announced that its Wealth & Retail Business has been handed over to Access Bank PLC.
In April 2022, Standard Chartered decided to divest from several markets, including a decision to exit the Wealth and Retail business in Tanzania.
In 2023, Standard Chartered and Access Bank entered into agreements for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking (CPBB) business in Tanzania. The acquisition was completed in 2024.
Today’s migration to Access Bank PLC marks a completion of the transaction in Tanzania.
Herman Kasekende, Chief Executive for Standard Chartered Tanzania remarked, “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. We are confident that under Access Bank PLC, our retail clients and staff will continue to receive the high level of service and support they have been accustomed to.”
Standard Chartered has been operating in Tanzania since 1917.