Standard Chartered has announced the successful handover of Standard Chartered’s Wealth & Retail Business to Access Bank PLC. The hand over is in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale.
In April 2022, Standard Chartered strategically decided to divest from several markets, including a decision to exit the Wealth and Retail business in Tanzania. Today’s migration to Access Bank PLC marks a completion of the divestment and a new chapter for Access Bank PLC.
Herman Kasekende, Chief Executive for Standard Chartered Tanzania remarked, “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.”
While exiting the retail segment, Standard Chartered remains committed to Tanzania and will continue to maintain a strong presence and focus on its Corporate and Investment Banking business in the Country.
The Bank remains a core part of Standard Chartered Group’s strategic footprint in the East Africa Region. Standard Chartered has been operating in Tanzania since 1917 and stands as a valued partner for Corporates, Institutions, and the Government.
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