Access Bank Completes Standard Chartered Tanzania Acquisition Expanding East African Presence

Access Bank has completed the acquisition of Standard Chartered Tanzania’s Consumer, Private, and Business Banking division, marking a significant expansion of its footprint in East Africa. This strategic move aims to enhance Access Bank's capacity to offer inclusive, digitally-driven financial services and deepen financial inclusion across Tanzania and the region. Standard Chartered’s divestment aligns with its global strategy to improve operational efficiencies by focusing on core wealth management and corporate banking businesses, having exited similar retail operations in Angola, Cameroon, The Gambia, and Sierra Leone. Herman Kasekende, CEO of Standard Chartered Tanzania, highlighted the transition as pivotal, emphasizing a seamless handover to ensure continued high service standards for clients and staff. Despite exiting retail banking in Tanzania, Standard Chartered remains committed to the country through its Corporate and Investment Banking division, maintaining its long-standing presence since 1917. The acquisition comes amid regulatory scrutiny in Nigeria, where the Central Bank recently restricted foreign acquisitions by banks under regulatory forbearance, though Access Bank has proceeded with the transaction.