Standard Chartered Bank Exits Tanzania's Wealth Business in Deal with Access Bank
- Standard Chartered Bank exited the wealth and retail business in Tanzania, finalising a divestment deal with Nigeria’s Access Bank PLC
- Standard Chartered will shift its focus to corporate and investment banking as part of its global operational streamlining strategy launched in April 2022
- Access Bank PLC has been expanding its footprint in East Africa, including a recent acquisition of the National Bank of Kenya from KCB Group
Elijah Ntongai, an editor at TUKO.co.ke, has over four years of financial, business, and technology research and reporting experience, providing insights into Kenyan, African, and global trends.
The Standard Chartered Bank has left the wealth and retail business in Tanzania in a deal with Access Bank.
Source: UGC
The Standard Chartered Bank completed the divestment of its wealth and retail business operations in Tanzania to Nigeria's Access Bank PLC, shutting its consumer banking chapter in the country.
Why Standard Chartered Bank left Tanzania
The transaction, signed this week, is part of Standard Chartered's global strategy launched in April 2022 to pull out of some markets and streamline its operations.
The bank's decision to sell the Tanzanian wealth and retail businesses aligns with its efforts to reduce complexity, attain scale, and focus on areas of strength such as corporate and investment banking.
Herman Kasekende, chief xecutive for Standard Chartered Tanzania said, “this transition represents a pivotal moment for Standard Chartered as we refocus our efforts on our core strengths. Our priority throughout this process has been to ensure a seamless transition for our employees and clients, who are at the heart of everything we do. We are confident that under Access Bank PLC, our retail clients and staff will continue to receive the high level of service and support they have been accustomed to."
Kasekende was hopeful that Access Bank would maintain the high standards of service that customers and staff have become used to.
As Standard Chartered exits the retail banking space, it has reconfirmed its long-term commitment to Tanzania through continued investments in corporate and investment banking.
The bank, which has been present in Tanzania since 1917, remains a significant contributor to the financial sector of the country and a strategic partner to corporates, institutions, and the government.
Access Bank in East Africa
For Access Bank, the acquisition further boosts its presence in East Africa after completing the purchase of the National Bank in Kenya.
In March 2024, the KCB Group announced that a deal was in progress to sell its subsidiary, the National Bank of Kenya, to Access Bank.
Access Bank of Nigeria officially acquired 100% of the National Bank of Kenya (NBK) from KCB Group in May 2025, after receiving regulatory approvals from the Central Bank of Kenya, National Treasury, and the Competition Authority.
The acquisition, estimated at KSh 12.95 billion, is expected to strengthen Access Bank’s footprint in East Africa’s financial sector.
Both NBK and Access Bank Kenya will continue operating independently during the integration phase. KCB Group CEO Paul Russo described the deal as a strategic move to create shareholder value, while Access Bank CEO Roosevelt Ogbonna noted it would expand Access Bank’s services, branch network, and digital offerings across the region.
Proofreading by Jackson Otukho, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
