Access Bank has signed an agreement to acquire 51% majority shareholding in Finibanco Angola S.A from Montepio Holding SGPS S.A, the parent company, Access Holdings Plc revealed on Tuesday.
The Nigerian commercial bank purchased existing shares owned by Montepio, the holding company for Banco Montepio, a Portuguese commercial bank.
This will increase the number of branches under Access Bank, which has been ranked as the largest commercial bank in Africa by number of customers. Finibanco have over 20 branches, with a total assets worth $300 million.
Access Bank has been acquiring banks in other African countries to expand its payment gateway between the African and global market trades.
The Nigerian lender had acquired Kenyan lender, Sidian Bank Ltd, African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank.
According to a statement by Access Holdings, “The Transaction, which is subject to regulatory approvals in Nigeria and Angola is expected to close in the first half of 2023 following fulfillment of customary conditions precedents.
“It will be consummated at 1.0x tangible book value less pre-agreed adjustments to be determined by a customary completion audit. Upon completion of the Transaction, the Bank is expected to increase its shareholding in Finibanco S.A and has reached certain conditional agreements in this regard.” The statement reads.
The Group Chief Executive Officer of Access Holdings, Herbert Wigwe, said, “At Access, our vision remains clear as ever and our determination to harness accretive opportunities within and outside Nigeria is our core strategic focus.
“Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges.
“We remain committed to making these disciplined and well-structured investments towards creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.”
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