Standard Chartered Hands Over Cameroon Business to Access Bank

Standard Chartered has announced the successful handover of its Cameroon business to Access Bank Cameroon.

It said on Monday that the handover was in line with its global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale.

In April 2022, Standard Chartered strategically decided to divest from a number of markets, including Cameroon.

The migration to Access Bank marks a completion of the divestment and a new chapter for Access Bank, according to a statement.

Anna Asonganyi, Chief Executive for Standard Chartered Cameroon, 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. We are confident that under Access Bank our clients and staff will continue to receive the high level of service and support they have been accustomed to .”

Commenting on the agreement, Kariuki Ngari, Managing Director & CEO Kenya, said: “In 2022, Standard Chartered announced the strategic decision to sell our business in seven markets in Africa and Middle East, which allows us to deliver efficiencies, reduce complexity, drive scale and serve our clients where we can make the most impact.

“Today, Standard Chartered Cameroon officially transfers to Access Bank, and we have worked very closely together to complete this acquisition. As we transition the business to Access Bank, I would like to thank the regulators in Cameroon for their support and all employees for their contributions and wish them the best in their future careers with Access Bank. Despite this onshore exit, Standard Chartered will continue to facilitate and be a bridge for international capital flows into the country. ”