Standard Chartered Announces Sale of Sub-Saharan Africa Businesses to Access Bank

Standard Chartered (STAN.L) said on Friday it has reached an agreement to sell its subsidiaries in five sub-Saharan African countries to Nigeria’s Access Bank, putting into motion a plan announced last year to divest those businesses.

Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings (ACCESSCORP.LG).

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