Standard Chartered Exits Retail Banking in Tanzania, Hands Over to Access Bank PLC
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Standard Chartered Bank has officially exited the Wealth and Retail Banking segment in Tanzania, completing the transfer of operations to Access Bank PLC as part of its global restructuring strategy. The transition marks the final phase of a shift first announced in April 2022, aimed at streamlining the bank’s operations and focusing on its core competencies. With the handover finalized, Access Bank takes over the retail business, including clients and staff, as Standard Chartered pivots toward strengthening its Corporate and Investment Banking presence in the Tanzanian market.
According to Standard Chartered Tanzania CEO Herman Kasekende, the transition represents a pivotal strategic move for the bank, aligning with its long-term vision to simplify operations and enhance focus on high-growth sectors. He reassured customers and stakeholders of a seamless changeover, emphasizing that the priority was to ensure continuity of service and stability for clients and employees. The bank has reiterated its commitment to Tanzania through its corporate banking services and continued partnerships with government and private institutions.
Access Bank’s entry into the Tanzanian retail banking sector through this acquisition expands its regional footprint and positions it to serve a broader customer base with enhanced financial solutions. Standard Chartered, which has operated in Tanzania since 1917, will maintain its status as a key financial player in the country, reinforcing its role in supporting trade, investment, and development across East Africa. The strategic exit underscores Standard Chartered’s broader global mission to optimize operations while delivering long-term value to clients across its international network.