BRAND REPORT
Access Bank concludes acquisition of Standard Chartered in, Sierra Leone, Angola
A flagship subsidiary of Access Holdings, Access Bank, says it has concluded the acquisition of Standard Chartered Bank, in Angola, and in Sierra Leone.Mr Roosevelt Ogbonna, Managing Director/Chief Executive Officer(CEO) of Access Bank Plc disclosed this in a notification sent to the Nigerian Exchange Ltd. (NGX) in Lagos on Wednesday.
Ogbonna said: “We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone.
“This affords us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets.
“The combinations represent another significant step toward our broader vision of becoming the World’s Most Respected African Bank.
According to him, the parties are working on the completion of transactions that will see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon, the Gambia, and its consumer, private and Business Banking business in Tanzania.
Ogbonna noted that Access Holdings should continue to make disclosures as and when required.
Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries and over 60 million customers.
Nairametrics reports that 0n July 14, 2023, Access Holdings Plc and Standard Chartered Bank announced an agreement for Access Bank Plc, to acquire Standard Chartered’s sub-Saharan African subsidiaries.
- This acquisition deal included Access Bank purchasing Standard Chartered’s stakes in subsidiaries based in Angola, Cameroon, Gambia, and Sierra Leone. Additionally, Access Bank agreed to acquire Standard Chartered’s Consumer, Private, and Business Banking operations in Tanzania.
- The agreement came on the heels of Access Bank’s earlier acquisition of a 51% majority equity stake in Finibanco Angola, reinforcing its commitment to expanding its presence in Africa.
- In 2024, Access Holdings pursued its growth strategy with several notable acquisitions. These include an 80% stake in Uganda’s Finance Trust Bank, the full acquisition of National Bank of Kenya, and the purchase of African Banking Corporation of Tanzania, now operating as Access Bank Tanzania.
- Beyond banking, the company has expanded its portfolio by merging with ARM Pensions Managers to form Access ARM Pensions, now one of Nigeria’s larger pension administrators.
The latest announcement on November 27, 2024, adds to Access Holdings’ expanding acquisition portfolio, further extending its presence in the financial services sector.
