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Standard Chartered will sell its Angola, Cameroon, Gambia and Sierra Leone subsidiaries to Access. The corporation will also sell its consumer, private and corporate banking business in Tanzania to Access Bank, a subsidiary of Access Holdings.
Standard Chartered said last April it would leave seven countries in Africa and the Middle East as it seeks to boost profits by focusing on high-growth markets in the region.
"Access Bank will provide full banking services and continuity to key stakeholders, including employees and customers of Standard Chartered's businesses in the five countries mentioned above," Standard Chartered said in a statement.
The agreement is in line with Standard Chartered's global strategy "to achieve operational efficiency, reduce complexity and increase scale," the statement said.
The amount of the deal, which is expected to close next year, has not been disclosed.
"This strategic decision allows us to redirect resources in the AME region to other areas with significant growth potential," said Sunil Kaushal, Standard Chartered's Regional General Manager for AME.
