Standard Chartered completes transfer of wealth and retail business to Access Bank PLC

The transfer is part of Standard Chartered's global strategy aimed at achieving operational efficiencies, reducing complexity, and driving scale.

Standard Chartered strategically decided in April 2022 to divest from several markets, including a decision to exit the Wealth and Retail business in Tanzania.

The migration to Access Bank PLC marks the completion of the divestment.

"This transition represents a pivotal moment for Standard Chartered as we refocus our efforts on our core strengths," said Herman Kasekende, Chief Executive for Standard Chartered Tanzania.

"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."

Kasekende expressed confidence that retail clients and staff will continue to receive high levels of service and support under Access Bank PLC.

Despite exiting the retail segment, Standard Chartered remains committed to Tanzania and will continue to maintain a strong presence focusing 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 continues as a partner for corporates, institutions, and the government.