After operating for 130 years, Standard Chartered Bank had ceased to operate in The Gambia with effect from 13th June after being acquired by the Nigerian banking titan, Access Bank.
The governor of Central Bank of The Gambia, Buah Saidy, confirmed the development during a press briefing at the Central Bank’s head offices in Banjul on Thursday according to local media.
The governor said Standard Chartered Bank, a major player in the economy for over a hundred and score years, has exited the country in a very “prudent and transparent” way.
“The process was done very well, in a very prudent manner and in a transparent manner. 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,” he said.
In terms of what the Central Bank has done to protect the staff of Standard Chartered Bank, Governor Saidy said they have been working with both Standard and Access to make sure that the staff of Standard Chartered Bank segue comfortably into Access Bank, 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. The transition has been very smooth and the regulatory authorities have been working with both banks, their senior management, their board,” he asserted.
He thanked the staff, management, shareholders and customers of Standard Chartered Bank, and reassured them that they will be in good hands with Access Bank.
