Nigeria’s Access Bank to buy five sub-Saharan Africa businesses from StanChart.

As part of a plan to divest such companies, Standard Chartered stated on Friday that it has struck a deal to sell its subsidiaries in five sub-Saharan African nations to Nigeria’s Access Bank.

In Angola, Cameroon, the Gambia, and Sierra Leone, Standard Chartered will transfer its ownership to Access. Additionally, it will sell Access Bank, a division of Access Holdings, and its consumer, private, and corporate banking operations in Tanzania.

In an effort to increase earnings by concentrating on the region’s markets that are expanding more quickly, Standard Chartered said in April of last year that it will withdraw from seven nations in Africa and the Middle East (AME).

“Access Bank will provide a full range of banking services and continuity for key stakeholders, including employees and clients of Standard Chartered’s businesses across the five aforementioned countries,” Standard Chartered stated in a statement.

The deal fits with Standard Chartered’s worldwide strategy, which is “aimed at achieving operational efficiencies, reducing complexity, and driving scale,” the company said.

The deal, which is anticipated to close within the coming year, was not given a price. The transactions are pending regulatory approval in Nigeria as well as each of the other countries.

Sunil Kaushal, Standard Chartered’s regional CEO for the AME region, said in the release, “This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential.”

In a statement, Access said the agreement will contribute to the development of a “strong global franchise focused on serving as a gateway for payments, investments, and trade within Africa and between Africa and the rest of the world.”

In the release, Access Group Managing Director Roosevelt Ogbonna said, “With our recent expansion into Europe and our strengthened presence in key trading corridors throughout Africa, we will bridge the gap between cross-border and domestic transfers across all business segments.”