Access Holdings has disclosed that its banking subsidiary, Access Bank, has completed the acquisition of a majority equity stake in Finibanco Angola S.A.
Access Bank is expanding its business portfolio and depositor base in Southern Africa through the acquisition of a majority stake in Finibanco Angola.
Ripples Nigeria had reported two months ago that the Central Bank of Angola, Banco Nacional de Angola, approved Access Bank’s plan to acquire a 51 per cent majority stake in Finibanco Angola.
Both the Banco Nacional de Angola and the Central Bank of Nigeria (CBN) approved the deal, with Access Bank waiting for the approval of the Angolan Competition Authority to complete the deal.
The announcement by Access Holdings in a corporate release on Thursday, informing shareholders of the completion, showed the Angolan Competition Authority has approved the deal.
Access Bank acquired the shares of Finibanco Angola from Montepio Holding SGPS S.A. The Angolan financial institution has a total asset worth about $300 million and has over 20 branches.
Commenting on the completion of the deal, Access Holdings’ Group Chief Executive, Herbert Wigwe, said: “In anticipation of the completion of the transaction the bank has made excellent progress in integration planning.
“Our plan is to leverage our expansive distribution network, best-in-class technology, risk and governance practices to serve high-growth businesses and the rising consumer sector in Angola.
“We will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola in line with our strategic growth objectives in the broader South Africa Development Community while delivering value to our stakeholders.”
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