DUBAI, July 14 (Reuters) - Standard Chartered (STAN.L) said on Friday it has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Nigeria's Access Bank, putting into motion a plan announced last year to divest those businesses.
Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access.
It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings (ACCESSCORP.LG).
"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 aforementioned countries," Standard Chartered said in a statement.
The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said.
Persons:
Sunil Kaushal, Roosevelt Ogbonna, Yousef Saba, Jason Neely
Organizations:
Nigeria's Access Bank, Chartered, Access Bank, Access Holdings, Thomson
Locations:
DUBAI, Saharan Africa, Angola, Cameroon, Gambia, Sierra Leone, Tanzania, Africa, Nigeria