You are currently viewing Access Bank gets regulatory approval to acquire 80% stake in Angolan bank

Access Bank gets regulatory approval to acquire 80% stake in Angolan bank

  • Post author:
  • Post category:Business

In continuation of its aggressive acquisition spree, Nigerian leading bank, Access Bank Limited, a whole subsidiary of the Access Holdings Plc, has received the nods of both the Central Bank of Nigeria and its counterpart in Angola to acquire a majority stake in Angolan-based Finibanco S.A.

Access Bank will be in control of more than 80 percent of the total shareholding in Finibanco S.A. after the deal has been consummated, thus emerging the majority shareholder in the bank.

Sunday Ekwochi, Company Secretary of Access Holdings Plc, disclosed that Access Bank has 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 percent in the bank after the completion of the deal.

Also commenting on the deal, Hebert 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.”

Wigwe disclosed that Access Bank brings a lot of value-add and expertise that will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola, while complementing its strategic growth objectives in the SADC region.

Meanwhile, Access Bank still awaits the approval of the Angolan Competition Authority in the coming days to complete the requirements for regulatory approvals for the transaction.

Angola is a country that is rich in natural resources, including precious gems, metals, and petroleum; indeed, it ranks among the highest of the oil-producing countries in sub-Saharan Africa. It is the largest and wealthiest of the Portuguese-speaking African states.

In Angola, foreign investment is highly concentrated in oil, diamonds, and fishing, but it is beginning to spread more widely through the economy as liberalisation proceeds and nationalised assets are returned to the private sector.