Access Bank Plc has announced the completion of its acquisition of Standard Chartered subsidiaries in Angola and Sierra Leone.
This was revealed in a statement made on Wednesday by the financial institution and signed by Sunday Ekwochi, the company secretary.
Access Bank Plc and Standard Chartered Bank signed agreements in July 2023 to acquire Standard Chartered’s stake in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its consumer, private, and commercial banking operations in Tanzania.
Each transaction remained subject to approval by the different local regulators and Nigeria’s banking regulator.
On Wednesday, Access Bank announced it had executed two of the transactions.
In response to the completion milestone, Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc and CEO of the Banking Group, stated, “We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of corporate and SME banking in the two markets.
“The combinations represent another significant step towards our broader vision of becoming the world’s most respected African bank.”
The parties are seeking to complete deals that will see Access Bank purchase Standard Chartered Bank’s subsidiaries in Cameroon and Gambia and its Consumer, Private, and Division Banking division in Tanzania.
Access Bank has recently acquired banks throughout the African continent as part of its strategy to expand its operating footprint on the continent and beyond.
Meanwhile, Access Bank UK has agreed to purchase a controlling position in Afrasia Bank Limited, the Republic of Mauritius’ fourth largest bank by total assets, with $5.7 billion as of half-year 2024.
Access Bank UK, a subsidiary of Nigeria’s Access Holdings, intends to use Mauritius “as a strategic hub for trade finance, wealth management, and corporate banking services.”
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