Access Holdings announced that it has completed the acquisition of majority stake in Finibanco Angola. In May 2023, the company announced that it had gotten regulatory approval from the the Central Bank of Angola, Banco Nacional de Angola but was waiting to receive the approval of the Angolan Competition Authority.
In a press release notice which was sent to the Nigeria Exchange Limited (NGX), the group stated that the acquisition was done through its subsidiary, Access bank Plc.
In 2022, 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.
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.
Speaking on the transaction, the Group CEO Dr Herbert Wigwe said:
“In anticipation of the completion of the transaction the Bank has made excellent progress in integration planning. We plan 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”
With the completion of the acquisition, Access Holdings now owns more than 51% stake in Finibanco Angola S.A.
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