Access Bank Plc, the flagship subsidiary of Access Holdings, has successfully completed its acquisition of a majority equity stake in Angolan entity, Finibanco Angola S.A. The completion of the deal was announced in a notice filed on the Nigerian Exchange Limited. Access Holdings had previously announced the acquisition on October 4, 2022, and obtained regulatory approvals from both Nigeria and Angola.
Dr. Herbert Wigwe, the Group Chief Executive Officer of Access Holdings, expressed confidence in the integration planning and highlighted the bank’s intention to leverage its distribution network, technology, risk management practices, and governance standards to serve the growing businesses and consumer sector in Angola. The acquisition aims to foster innovation, promote the development of the financial sector, and align with Access Bank’s strategic growth objectives in the South African Development Community.
Earlier in May, Access Bank had anticipated receiving approval from the Angolan Competition Authority, which was a crucial requirement for regulatory clearance. The bank also entered into agreements with minority shareholders of Finibanco Angola S.A. who expressed interest in selling their shares. Access Bank targets to achieve a total shareholding of over 80 percent in Finibanco Angola S.A. through the acquisition.
Opinion: Access Bank’s acquisition of majority equity in Finibanco Angola S.A. demonstrates its commitment to expanding its presence in the African market. By leveraging its extensive network, advanced technology, and best-in-class practices, Access Bank aims to drive growth and innovation in Angola’s financial sector. This strategic move aligns with Access Bank’s vision to become a leading financial institution in the region and create value for its stakeholders.