Access Bank announced that it has gotten regulatory approval from the the Central Bank of Angola, Banco Nacional de Angola to acquire a majority stake in Finibanco Angola. This was contained in the group’s notice to the Nigerian Exchange Limited (NGX) and obtained by Innovation Village.
Finibanco Angola S.A. is a profitable, well-capitalised full-service commercial bank with over 20 branches and around $300 million in total assets that has operated in Angola since 2008.
Last year, Access Bank announced that it had entered into a binding agreement with Montepio Holding SGPS S.A to acquire a 51 per cent majority shareholding in Finibanco Angola S.A.
The bank said that it was expecting to receive the approval of the Angolan Competition Authority soon, which would complete the requirements for regulatory approvals for the deal, enabling the bank to initiate completion of other customary conditions precedents to close the transaction.
It also said that it had also signed agreements with minority shareholders of Finibanco Angola S.A. who had expressed interest to sell their shares concurrently and targets to attain a total shareholding above 80 per cent in Finibanco Angola S.A. at the completion of the process.
According to Herbert Wigwe, group CEO of Access Holdings, “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 [sic] 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.”
The bank has been on an acquisition drive to increase its footprint in the continent. In 2021, it completed the acquisition of Transnational Bank Plc, of Kenya and received approvals from Nigerian and South African regulatory bodies to acquire South African bank, Grobank Limited. It also announced its intention to acquire 100% of Cavmont Capital, through its subsidiary, Access Bank Zambia in 2020.
