Standard Chartered has officially handed over its Wealth and Retail Business in Tanzania to Access Bank PLC, marking the final phase of the bank’s global strategy to streamline operations and focus on core services.

The decision to exit the retail segment in Tanzania was part of a wider plan announced in April 2022, under which Standard Chartered committed to reducing operational complexity across several markets.

The bank will now shift its attention fully to Corporate and Investment Banking in Tanzania, a sector it says aligns with its long-term strategic goals.

Herman Kasekende, Chief Executive of Standard Chartered Tanzania, described the transition as a defining moment.

“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,” he 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.”

Despite the exit from retail banking, Standard Chartered reaffirmed its commitment to Tanzania, where it has operated since 1917. The bank also highlighted its continued role within East Africa and its strong partnerships with corporate clients, the government, and other stakeholders.

Access Bank PLC, which now assumes control of Standard Chartered’s retail operations, is expected to expand its footprint in the Tanzanian market, gaining access to a broad client base and established infrastructure.

Standard Chartered remains a major international banking group, operating in 53 markets and serving clients in another 64.

It is listed on the London and Hong Kong Stock Exchanges. The bank has stated its purpose is to drive commerce and prosperity through its diversity, under the brand promise “Here for good.”