Standard Chartered affirms commitment to Ghana - Acquisition agreements affect only 5 other African countries

Standard Chartered Bank Ghana PLC is not impacted by the agreements for the sale of its shareholding in its subsidiaries in four selected African countries.

The agreements strictly cover Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroun, its Consumer, Private and Business Banking business in Tanzania, and two West African countries, The Gambia and Sierra Leone.

A joint release issued after the agreement was signed at Standard Chartered’s Headquarters in London with Access Bank Plc (Access) said each transaction was subjected to the approval of the respective local regulators and the banking regulator in Nigeria, the home country of Access Bank Plc.

“We remain committed to serving our clients in Ghana and supporting them to achieve their ambitions,” a spokesperson for the bank told the Daily Graphic yesterday. 

Context

The international banking Group’s Chairman, José Viñals, who was in the country for a two-day business visit, re-affirmed Standard Chartered Bank’s commitment to Ghana.

During a courtesy call on President Nana Addo Dankwa Akufo-Addo, he reiterated the group’s continuous dedication to doing business in Ghana.

Mr Viñals stated that the country continued to be a key market for Standard Chartered and would continue to receive positive attention and investment from the Group.

The Group Chairman stated that there remained varied opportunities and prospects in Ghana and the bank would continue to support the country to drive business and economic growth.

“We see great opportunity in the country; opportunities from digitisation and sustainability,” he said.

Cementing his assertion on this commitment, Mr Viñals stressed that his visit was the first to an African country post COVID-19 and demonstrated “a reconfirmation of the support and a vote of confidence in Ghana’s future”.

He added, “we continue to invest and have been making investments to launch a platform for the financing of micro, small and medium-sized enterprises which I think can be quite transformational.”

President Akufo-Addo, for his part, said the bank had made very valuable contributions to the development of the country which was well appreciated and the government valued the relationship with the bank.

“A bank like yours that has had a lot of experience around the world in providing the products that enable private sector operators to work is a bank whose contribution and association we value very much.

We are happy to have you here on board,” he stated.

During the visit, Mr Viñals also met with regulators, engaged clients and key stakeholders at an economic roundtable and held varied sessions with staff of the bank. 

Background

At last Monday’s signing of the agreements to cover the five transactions, the Regional Chief Executive Officer of Africa & Middle East, Standard Chartered, Sunil Kaushal, said after the announcement in April last year, the project was now substantially completed with the announcement for the sale of the five markets and the furtherance of a partnership with Access Bank.

“This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential, ultimately enabling us to better support our clients,” he said.

Commenting on the agreement, the Group Managing Director, Access Bank Plc, Roosevelt Ogbonna, stated: “We are pleased to sign this agreement today and express our appreciation for being selected as the preferred partner to Standard Chartered through this transaction, in which it is exiting four African markets and refocusing in one.

As a distinguished regional and international bank with a rich heritage spanning over 150 years, Standard Chartered Bank has built a solid presence in these markets for over 100 years.”  

“Access Bank will provide a full range of banking services and continuity for key stakeholders, including employees and clients of Standard Chartered’s businesses across the five countries, excluding Ghana.

Both banks would work closely together in the coming months to ensure a seamless transition, with the transaction expected to be completed over the next 12 months”, the release added.

“At Access Bank, we are committed to reshaping the global perception of Africa and African businesses, even as we continue to build toward our vision to be the World's Most Respected African Bank,” Mr Ogbonna added.