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Access Bank Acquires Standard Chartered Branches in Angola & Sierra Leone

November 28, 2024

Nigeria’s largest bank by assets, Access Bank acquires Standard Chartered branches in Angola & Sierra Leone. This has solidified its position as a leading driver of Africa’s economic integration with its acquisition of Standard Chartered Bank’s operations in these two countries.

The acquisition of Standard Chartered’s Angola and Sierra Leonean branches is part of Access Bank’s broader strategy to expand its footprint across Africa.

By integrating Standard Chartered’s established operations, the bank seeks to tap into the growing demand for financial services in these regions while addressing significant gaps in banking access.

Access Bank is spearheading a transformative economic initiative with its strategic acquisitions across the continent. The bank’s recent moves highlight its commitment to fostering financial inclusion, enhancing cross-border trade, and building a more integrated African economy.

Operating in over 20 countries

With operations spanning over 20 countries, Access Bank’s acquisition spree—from Mauritius to Kenya and Angola—has broad implications for economic connectivity and financial accessibility. These actions are not merely expanding the bank’s footprint but also reshaping the landscape of African banking to better serve underbanked populations and facilitate regional trade.

Angola and Sierra Leone present unique opportunities for financial growth. Angola, one of Africa’s largest oil producers, has been diversifying its economy, creating new opportunities for businesses and investors. Access Bank’s presence in Angola is poised to facilitate financial transactions that support this diversification, providing much-needed credit and banking solutions for local enterprises.

The integration of Standard Chartered’s operations is part of Access Bank’s broader goal to operate in 26 countries within the next five years. These acquisitions come alongside other key deals, including the purchase of AfrAsia Bank in Mauritius and National Bank in Kenya. Together, these moves position Access Bank as a central player in facilitating Africa’s economic transformation under the African Continental Free Trade Area (AfCFTA).

Access Bank acquired African Banking Corporation of Tanzania (ABCT)

In June 2024, Access Bank completed the acquisition of African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited. The bank plans to merge ABCT with the consumer, private, and business banking businesses of Standard Chartered Bank Tanzania, forming Access Bank Tanzania.

By acquiring established networks in Angola and Sierra Leone, Access Bank aims to streamline cross-border banking services, reduce trade barriers, and foster investment flows.

The acquisitions are expected to have significant ripple effects, boosting financial inclusion and enabling SMEs to access credit and modern banking services. Enhanced financial connectivity in Angola and Sierra Leone is also likely to stimulate local economies by fostering entrepreneurship and supporting key industries like agriculture, trade, and manufacturing.

Additionally, Access Bank’s entry into these markets is aligned with its mission to create a more integrated African banking system. By leveraging its expertise and resources, the bank is positioned to drive financial innovation and improve access to essential banking services for millions of people.

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