- Aware of StanChart’s plans to divest from wealth management and retail banking units
- Has acquired StanChart’s subsidiaries in Angola, Sierra Leone and targets six more countries
BONGANI MALUNGA
Nigeria’s Access Bank has announced its interest in acquiring Standard Chartered Bank’s assets in Botswana.
This follows Standard Chartered Bank’s official announcement weighing up plans to divest from its wealth management and retail banking (WRB) operations in Botswana, Zambia and Uganda last month.
Access Bank has already acquired Standard Chartered’s subsidiaries in Angola and Sierra Leone in recent weeks.
Massive expansion
According to reports in Nigeria, the bank has charted plans for a massive expansion across the African continent with subsidiaries in Cameroon, The Gambia and Tanzania targeted.
The bank has outlined plans to fulfil its ambition of becoming one of the top five banks in Africa, according to its Chief Executive Officer, Roosevelt Ogbonna.
In an interview with The Arica Report, Ogbonna publicly announced plans to acquire Standard Chartered’s assets in Botswana, Uganda and Zambia. “Yes, we are interested in Standard Chartered’s assets in Botswana, Uganda and Zambia,” he said.
Freeing up capital
Despite the looming possibility of a divestment of Its WRB portfolio, StanChart has reassured its corporate and investment banking clientele of its commitment to operating in Botswana as a leading banking entity.
“In the event of a sale of the Wealth and Retail Business (WRB), the company will continue to operate in Botswana as a leading global bank serving corporate and investment banking clients,” it said in a cautionary statement.
According to industry experts, the move to divest from its WRB operations has been explained as a means to free up capital that will be diverted to other parts of the business.
StanChart is said to have a long–term plan to focus its resources on serving cross-border needs of global corporate and financial institution clientele.