Access Holdings Plc’s (NGX: ACCESSCORP) flagship subsidiary, Access Bank Plc, has received regulatory approval from the Central Bank of Angola: Banco Nacional de Angola for the acquisition of majority equity stake in Finibanco Angola S.A.
This is according to a corporate action announcement published by the corporation on the Nigerian on Wednesday.
The Central Bank of Nigeria had previously granted its approval to the Transaction and the Bank expects to receive the approval of the Angolan Competition Authority in the coming days, according to the document.
It said that the approved from the Angolan Competition Authority would complete the requirements for regulatory approvals for the transaction.
According to the document, Access Bank Plc has also signed agreements with minority shareholders of Finibanco Angola S.A. who have expressed an interest to sell their shares concurrently and targets to attain a total shareholding above 80% in Finibanco Angola S.A. at the completion of the Transaction.
Commenting on the recent development, Dr. Herbert Wigwe, Group Chief Executive Officer, Access Holdings said: “We are pleased to be well-positioned to join the select league of banks providing high value financial services to high-growth businesses and the rising consumer sector in Angola. The Bank brings a lot of value-add and expertise that will act a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola, while complementing our strategic growth objectives in the broader SADC region.”
Access Holdings Plc in October 2022, said that Access Bank Plc had entered into a binding agreement with Montepio Holding SGPS SA to acquire a 51% majority shareholding in Finibanco Angola S.A.
With this new acquisition, the tier-1 Nigerian bank will extend its penetration into Africa countries as the bank strives to be “worlds most respected African bank.”
Access Bank Plc has been aquisition spree across Africa. In August 2020, it announced the acquisition of 100% equity interest in Cavmont Bank Zambia Ltd by Access Bank Zambia (ABZ) Limited, a wholly owned subsidiary of Access Bank Plc.
Also in July 2020 Access Bank Plc announced that it has completed the acquisition of Transnational Bank Plc (TNB) in Kenya.
In 2021, Access Bank commenced operations in South Africa following the completion of all regulatory procedures in the acquisition of controlling shares in Grobank Limited, a South African banking institution.
Also in 2021, Access Bank entered a binding agreement with ABC Holdings Limited, a subsidiary of Mara limited (London Stock Exchange) to acquire a 78.15% shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana). BancABC Botswana was the fifth largest bank in Botswana.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.