Finally, Access Bank Confirms Acquisitions of Two Subsidiaries in Two Countries, Targets More
- Access Bank Plc, the flagship subsidiary of Access Holdings Plc, has completed the acquisition of Standard Chartered Bank subsidiaries
- The subsidiaries are located in Angola S.A. and Sierra Leone, with plans for additional acquisitions in Cameroon, The Gambia, and Tanzania
- Access Bank’s CEO, Roosevelt Ogbonna, has highlighted the importance of the acquisitions in a message shared with investors
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Access Holdings Plc has revealed that it has successfully completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
The deal was achieved through its flagship subsidiary, Access Bank Plc.
Source: Getty Images
Access Bank disclosed in a statement shared on the Nigerian Exchange (NGX) signed by Sunday Ekwochi, the company secretary.
The statement read.
"Further to our July 14, 2023 announcement regarding the above subject, Access Holdings Plc (‘Access Holdings’ or ‘the Company’) is pleased to announce that its flagship subsidiary, Access Bank Plc (‘Access Bank’ or ‘the Bank’) has completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone] Limited (‘the Acquisitions’)."
In addition to these completed acquisitions, the company disclosed ongoing efforts to finalise deals with Standard Chartered Banks in more countries.
It added:
"The parties are working on the completion of transactions that would see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon, the Gambia and its Consumer, Private and Business Banking business in Tanzania."
Access Bank CEO shares excitement
Commenting on the achievement, Roosevelt Ogbonna, MD/CEO of Access Bank Plc and CEO of the Banking Group, said:
“We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone.
"These transactions provide synergies that strengthen the quality of our earnings from both countries by significantly increasing our share of the Corporate and SME banking markets.
"This achievement represents another significant step towards our broader vision of becoming the world’s most respected African bank."
Speaking on the development, Gilbert Ayoola, a capital market advocacy educator, and the general secretary of the Ibadan Zone Shareholders' Association, praised Access Bank's achievements.
He said:
"The expansion drive of Access Holdings is something to reckon with.
"The bank’s resilience in acquiring major and minor banking institutions is a force of note worthy looking at the growth trajectory of the bank.
Access Bank secures deal to take over another bank
Legit.ng reported that Access Holdings Plc, through its banking subsidiary, Access Bank UK Limited, had secured a deal to acquire a majority stake in Afrasia Bank Limited, Mauritius' fourth-largest bank by assets.
The deal was disclosed in a statement on the Nigerian Exchange (NGX) signed by Sunday Ekwochi, Access Holdings’ secretary.
After recent Kenya and Tanzania acquisitions, the Afrasia Bank deal represents a strategic leap in Access Bank’s regional ambitions.
Source: Legit.ng
