Standard Chartered Transfers Wealth, Retail Business to Access Bank in Tanzania

Standard Chartered has successfully transferred its Wealth and Retail Business in Tanzania to Access Bank PLC, marking the final step in its global strategy to streamline operations, announced in April 2022. The move allows the bank to exit the retail segment in Tanzania while focusing on its core Corporate and Investment Banking operations.

Herman Kasekende, Chief Executive of Standard Chartered Tanzania, described the handover as a pivotal moment. “This transition reflects our commitment to refocusing on our core strengths while ensuring a seamless experience for our employees and clients, who remain at the heart of our operations,” Kasekende said. He expressed confidence that Access Bank PLC would maintain the high-quality service Standard Chartered’s retail clients and staff have come to expect.

Standard Chartered, a leading international banking group operating in Tanzania since 1917, reaffirmed its commitment to the country and the East Africa region. The bank will continue to serve as a key partner to corporate institutions, the Government of Tanzania, and other stakeholders through its Corporate and Investment Banking business.

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With a presence in 53 dynamic global markets and serving clients in 64 others, Standard Chartered drives commerce and prosperity through its diverse operations. Guided by its brand promise, “Here for good,” the bank is listed on the London and Hong Kong Stock Exchanges.

The handover highlights Standard Chartered’s strategic shift to simplify operations while upholding its long-standing legacy in Tanzania’s financial sector. Access Bank PLC is poised to build on this foundation, ensuring continuity for clients and staff in the Wealth and Retail segment.