Access Bank PLC has finalized the acquisition of Standard Chartered Bank’s consumer, private, and business banking operations in Tanzania, marking a significant step in the Nigerian lender’s expansion across the continent.
The transaction, completed on June 20, 2025, is part of a broader strategic repositioning by Standard Chartered, which began exiting select markets in Africa and the Middle East in 2022.
The deal was signed in London at Standard Chartered’s headquarters, with senior leaders from both institutions present. Sunil Kaushal, Regional CEO for Africa and the Middle East at Standard Chartered, and Roosevelt Ogbonna, Group Managing Director of Access Bank PLC, were among the signatories.
“This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential,” said Kaushal. “Ultimately enabling us to better support our clients.”
Access Bank will now assume responsibility for providing full banking services to Standard Chartered’s clients in Tanzania. The transition is expected to take up to 12 months, during which the two banks plan to work closely to ensure continuity and minimize disruption for employees and customers.
“This agreement is in fulfilment of the Bank’s promise to ensure easier and safer access to financial services for every Tanzanian,” said Ogbonna. “As an institution driven by innovation, we will deliver better outcomes for customers in terms of speed, security, and service.”
The Tanzanian deal is part of a larger regional exit strategy by Standard Chartered. In addition to Tanzania, Access Bank has agreed to acquire the British lender’s operations in Angola, Cameroon, The Gambia, and Sierra Leone. All deals remain subject to regulatory approval in each country and from Nigerian authorities.
Ogbonna described the acquisition as a strategic step in Access Bank’s ambition to “be the World’s Most Respected African Bank,” adding: “We are dedicated to reshaping the global perception of Africa and African businesses.”
Access Bank has also signed a separate agreement to acquire a majority stake in African Banking Corporation (Tanzania) Limited (BancABC), a commercial bank that has operated in the country for more than two decades. The move is expected to help consolidate Standard Chartered’s former business onto Access Bank’s platform.
Clients will gain access to a broader range of services, including trade finance, international payments, and digital banking tools. The bank said its wider East African network will enhance service delivery and support cross-border trade in key corridors.
“We look forward to working closely with Access Bank’s team over the coming months to achieve a successful conclusion to this transaction while safeguarding the interests of our valued clients and prioritizing our employees,” Kaushal added.
The agreement reflects an ongoing trend of consolidation in Africa’s banking sector, as institutions reposition for growth in a shifting economic landscape.
