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Standard Chartered Bank will cease operations in The Gambia on June 13th, after 130 years, following its acquisition by Access Bank, a Nigerian banking giant. The Central Bank of The Gambia’s governor, Buah Saidy, revealed this information during a press briefing, stating that the transition was handled in a “prudent and transparent” manner.
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“The process was done very well, in a very prudent manner and in a transparent manner,” Saidy said. “The buyer is Access Bank Limited, they bought Standard Chartered Bank. And as of tomorrow, Friday, 13th June, Standard Chartered Bank will cease to operate and we will ask them to return the licence of Standard Bank.”
Saidy assured that the Central Bank worked with both Standard Chartered and Access Bank to ensure a smooth transition for Standard Chartered staff, reassuring stability in the industry. “It’s going to be another big bank with strong financial muscles to help finance economic activity in The Gambia, so it’s a development,” he said.
The governor thanked Standard Chartered’s staff, management, shareholders, and customers, reassuring them that they will be in good hands with Access Bank. “The transition has been very smooth and the regulatory authorities have been working with both banks, their senior management, their board,” he added.
Saidy emphasized that Access Bank’s strong financial position will help drive economic activity in The Gambia, marking a positive development for the country.
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