Standard Chartered has completed the transfer of its wealth and retail banking business in Tanzania to Access Bank.

This handover concludes a strategic divestment announced in April 2022.

The bank previously divested its shareholding in subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone.

The move aligns with Standard Chartered’s global strategy to improve operational efficiencies, simplify operations, and focus on core strengths.

Standard Chartered Tanzania chief executive Herman Kasekende commented: “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.”

Standard Chartered said it remains committed to Tanzania, maintaining a strong presence through its corporate and investment banking business.

Operating in the country since 1917, the bank continues to be a key partner for corporates, institutions, and the government.

The country remains an integral part of its strategic footprint in Africa, Standard Chartered Group said.

In May last year, Olea Global and Standard Chartered announced a partnership and formalised a memorandum of understanding to boost SMEs.

The memorandum of understanding between the two companies signalled at an alliance between Olea, a digital infrastructure platform, and Standard Chartered.

It will explore integrated strategies across several sectors and form supply chain solutions for Standard Chartered’s SME Banking clients.