Access Bank, a Nigerian bank, has completed negotiations to acquire the sub-Saharan subsidiaries of Standard Chartered Bank in Angola, Cameroon, Gambia, Sierra Leone, and Tanzania. The deal is part of Standard Chartered's plan to divest its businesses in Africa and aligns with its strategy to focus on faster-growing markets. Access Bank sees this acquisition as an opportunity to build a strong global franchise focused on facilitating payments, investment, and trade within Africa and between Africa and the rest of the world. The transaction is expected to be completed by 2024, subject to regulatory approvals. This move positions Access Bank as one of the top banks in Africa and reflects a growing trend of European banks exiting the African market.

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