Access Bank Managing Director - Imani John and Standard Bank Tanzania CEO Herman Kasekende during the handover of Standard Chartered’s Wealth & Retail Business to Access Bank PLC./HANDOUT
Standard Chartered has announced the successful handover of its Wealth and Retail Business in Tanzania to Access Bank PLC.
The move marks the final step in Standard Chartered’s global strategy announced in April 2022, which aims to streamline its operations and reduce complexity.
The bank had decided to exit the Wealth and Retail segment in Tanzania as part of this global shift.
Herman Kasekende, Chief Executive for Standard Chartered Tanzania, called the handover a pivotal moment for the bank.
“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," Kasekende said.
"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.”
While exiting the retail segment, Standard Chartered reaffirmed its commitment to Tanzania.
The bank will continue to focus on its Corporate and Investment Banking business and remain a key player in the country, where it has operated since 1917.
Standard Chartered also emphasized its role within the wider East Africa region and its long‑standing partnership with corporate institutions, the Government of Tanzania, and other stakeholders.
Standard Chartered is a leading international banking group with a presence in 53 of the world’s most dynamic markets and serves clients in another 64.
Its stated purpose is to drive commerce and prosperity through its unique diversity, and its heritage and values are expressed in its brand promise, “Here for good.”
The bank is listed on the London and Hong Kong Stock Exchanges.
