Gambiaj.com – (BANJUL, The Gambia) – Access Holdings Plc has affirmed its commitment to finalizing the acquisition of Standard Chartered Bank’s (StanChart) Gambian operations, marking a significant step in its expansion strategy across Africa. The announcement, made on Wednesday, follows the successful takeover of StanChart’s operations in Angola and the promise of further acquisitions in Cameroon and Tanzania.

The Lagos-based financial powerhouse stated that transactions targeting Standard Chartered’s subsidiaries in The Gambia and Cameroon, as well as its consumer and private banking businesses in Tanzania, are in the final stages of completion.

This move aligns with Access Holdings’ ambition to solidify its presence as a leading player in Africa’s banking sector, leveraging the increasing connectivity offered by the African Continental Free Trade Area (AfCFTA).

If completed, the acquisition of StanChart’s Gambian subsidiary would bolster Access Bank’s corporate and small-to-medium enterprise (SME) banking services in West Africa.

Roosevelt Ogbonna, Chief Executive Officer of Access Bank Plc, emphasized that the acquisitions reflect the bank’s vision of becoming “the World’s Most Respected African Bank.”

Ogbonna noted that integrating StanChart’s assets will enhance the quality of Access Bank’s earnings and expand its footprint in high-growth markets. “The combinations represent another significant step towards our broader vision,” he said.

StanChart’s Strategic Divestment

Standard Chartered, a London-based multinational bank, is strategically refocusing its operations by divesting retail and wealth banking businesses in select African markets, including The Gambia, Zambia, Botswana, and Uganda. The bank plans to reinvest proceeds into its leading wealth management division as part of its broader realignment strategy.

Standard Chartered’s decision to offload its Gambian operations comes amid Access Holdings’ aggressive drive to capitalize on opportunities across Africa. With the AfCFTA promising unprecedented trade flows, Access Holdings is positioning itself to tap into the continent’s economic potential.

Access Bank’s targeted acquisition of Standard Chartered’s Gambian operations could be a critical milestone in its journey to become the largest and most influential banking group in Africa.

Already West Africa’s biggest lender by assets, the group’s strategic move into The Gambia further consolidates its regional dominance and lays the groundwork for expanding its service portfolio.

As the transactions near completion, Access Holdings is poised to leverage its acquisitions to be a decisive stakeholder for economic growth across the African continent.