StanChart Divests Sub-Saharan African Arm To Nigerian Bank: Report
Portfolio Pulse from Lekha Gupta
Standard Chartered PLC (SCBFY) has agreed to sell its subsidiaries in sub-Saharan Africa to Access Bank in Nigeria for an undisclosed amount. The deal includes the bank's stake in its subsidiaries in Sierra Leone, Cameroon, Angola, and Gambia, as well as its consumer, private & business banking business in Tanzania. The deal aligns with Standard Chartered's strategy of enhancing operational efficiencies, decreasing complexity, and driving scale. The deal is expected to close next year.
July 14, 2023 | 1:26 pm
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Standard Chartered's decision to sell its sub-Saharan Africa subsidiaries to Access Bank could streamline its operations and potentially improve its financial performance. The deal is expected to close next year.
The sale of Standard Chartered's sub-Saharan Africa subsidiaries aligns with its strategy of enhancing operational efficiencies, decreasing complexity, and driving scale. This could potentially improve the bank's financial performance, which could positively impact its stock price.
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