Standard Chartered PLC (OTC:SCBFY) reportedly agreed to a deal with Access Bank in Nigeria to sell its subsidiaries in sub-Saharan Africa for an undisclosed amount.
Also, the bank will sell its stake in its subsidiaries in Sierra Leone, Cameroon, Angola, and Gambia, along with its consumer, private & business banking business in Tanzania to the Nigerian bank, reported Reuters.
As per the company, the deal is at par with its strategy of enhancing operational efficiencies, decreasing complexity, and driving scale.
The report quoted Standard Chartered saying, "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."
The deal is expected to close in the next year.
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Price Action: SCBFY shares closed higher by 1.68% at $18.03 on Thursday.