Nigeria’s banking giant, Access Bank, has completed the takeover of Standard Chartered Bank in The Gambia.
The takeover on June 13, 2025, will see Standard Bank cease to operate in The Gambia after 130 years.
130-year-old Standard Chartered Bank ceases operations
The governor of the Central Bank of The Gambia, Buah Saidy, disclosed this recently during a press conference at The Gambia’s apex bank’s headquarters in Banjul.
Saidy said that the process was smooth, very prudent and transparent, stating that Access Bank bought the 130-year-old financial institution.
He disclosed that as of Friday, June 13, 2025, Standard Chartered Bank will cease to operate and that the central bank will request the return of Standard Chartered Bank’s license.
Access Bank to retain old employees
Regarding the employees, Saidy said the central bank is working with Standard Chartered and Access Bank to ensure the staff can transition smoothly into Access Bank to provide stability in the industry.
According to The Standard, a Gambian tabloid, the apex bank boss said Access Bank will be another big bank with strong financial muscles to help finance the economic activities in The Gambia.
He stated that the transition has been smooth and the regulatory authorities worked with the financial institutions, their senior management, and their board.
Said expressed appreciation to the staff, management, shareholders and customers of Standard Chartered Bank, reassuring them that they will be in good hands with Access Bank.
Access Bank, alongside Zenith Bank, are the only two Nigerian banks that have met and exceeded the Central Bank of Nigeria (CBN) N500 billion recapitalisation requirement of the Central Bank of Nigeria.
Access Bank meet CBN’s recapitalisation requirements
ANN reported that Access Bank and Zenith Bank exceeded the capital requirement after the N500 billion threshold and share premium ceiling set by the apex bank.
