Standard Chartered completes transfer of retail and wealth business to Access Bank
Dar es Salaam. Access Bank PLC has officially taken over Standard Chartered Bank’s Wealth and Retail Banking operations in Tanzania, completing a transition that began in 2022 as part of the latter’s global restructuring strategy.
In a statement released on June 20, 2025, Standard Chartered confirmed the successful handover, describing the move as part of its broader plan to streamline operations, reduce complexity, and focus on scalable growth areas.
“This transition represents a pivotal moment for Standard Chartered as we refocus our efforts on our core strengths,” said Mr Herman Kasekende, Chief Executive Officer of Standard Chartered Tanzania.
“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.”
Mr Kasekende expressed confidence in Access Bank’s ability to maintain the level of service that Standard Chartered’s clients have come to expect, saying the bank is well positioned to serve Tanzania’s growing retail banking needs.
The transaction follows Standard Chartered’s 2022 strategic decision to divest from certain markets, including its retail and wealth management operations in Tanzania. With this handover, Access Bank expands its footprint and customer base in the country, ushering in a new chapter for the Nigerian-based lender in East Africa.
Despite exiting the retail space, Standard Chartered affirmed its continued commitment to Tanzania. The bank will retain a strong presence through its Corporate and Investment Banking division, targeting large enterprises, multinationals, institutions, and the government.
Having operated in Tanzania for over a century since 1917, Standard Chartered remains a key player in the country’s financial sector and a longstanding partner in economic development.
The completion of this transaction adds momentum to Access Bank’s pan-African expansion efforts and reinforces the growing trend of consolidation within Africa’s banking industry.
