Access Bank Plc (NGX – ACCESS) has disclosed that Access bank Mozambique S.A. (Access Mozambique) has completed the acquisition of African Bank Corporation S.A (BancABC Mozambique).
Access Mozambique is a wholly owned subsidiary of Access Bank Plc, while BancABC Mozambique is a subsidiary of Atlas Mara Limited, a listed group on the London Stock Exchange.
With the acquisition completed, Access Mozambique will integrate BancABC Mozambique into its operation. The integration is “expected to create the seventh largest bank in Mozambican banking market,” according to Access Bank Plc.
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Access Bank GMD/CEO, Herbert Wigwe while commenting on the acquisition said, “We are pleased with the completion of this acquisition which significantly strengthens our banking franchise in Mozambique and represents a transformation a step in our growth plans in the country and the broader southern Africa region.
“We are building the skill necessary to complete effectively and efficiently in key African markets outside Nigeria and ensure we sustainably deliver strong return on invested capital in our African expansion.
“Scale is an important contributor to returns and this transaction is consistent with our rigorous efforts to create a strong presence with scale across Africa, and in line with our vision to be the World’s Most Respected African Bank.”
Access Bank Plc commenced operations in South Africa earlier in May, following the completion of all regulatory procedures in the acquisition of controlling shares in Grobank Limited, a South African banking institution.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.