Standard Chartered said on Friday it has reached an agreement to sell its subsidiaries in five sub-Saharan African countries to Nigeria's Access Bank, putting into motion a plan announced last year to divest those businesses.
in Africa and the Middle East as it seeks to improve profits by focusing on faster-growing markets in the region.
The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said. "This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential," Sunil Kaushal, Standard Chartered's regional CEO for AME, said in the statement.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
![Africa: The Future of US-Africa Trade and Investment [Executive Summary]](https://i.headtopics.com/images/2023/7/12/allafrica/africa-the-future-of-us-africa-trade-and-investmen-africa-the-future-of-us-africa-trade-and-investmen-1679167406839676950.webp?w=640)
Africa: The Future of US-Africa Trade and Investment [Executive Summary]Analysis - AGOA gives duty-free access to the US market for eligible countries in sub-Saharan Africa, aiming to promote African economic development alongside market liberalization and democratic governance.
Read more »
Child Welfare expanding its reach with addition of a seed bank - SABC NewsTwo years after starting a sustainable vegetable garden to support the community through the COVID-19 pandemic, the Phoenix Child Welfare, north of Durban, is reaping the fruits of its labour.
Read more »
PlayStation's Access Controller goes on sale this December - htxtPre-orders for the PlayStation Access Controller go live in selected markets on 21st July, with it carrying a $90 price tag.
Read more »
Africa Live: Nigeria secret police file charges against bank governor - BBC NewsNigerian-born MMA champion, Israel Adesanya, has posted images on Twitter of him training Meta boss, Mark Zuckerberg. It comes ahead of a potential cage match between Zuckerberg and Elon Musk - the South African-born entrepreneur who now heads Twitter.
Read more »
BRIAN KANTOR: Demand is falling for the Reserve Bank’s valuable monopolyNotes have lost ground to the digital equivalent, in particular since the Covid epidemic
Read more »
Nigeria's Senate approves Tinubu's $800 million World Bank loan requestNigeria's Senate on Thursday speedily approved a request by President Bola Tinubu to borrow $800 million from the World Bank to help cushion the impact of high fuel prices after ending a popular but costly petrol subsidy.
Read more »