Access Bank Plc, a subsidiary of Access Holdings Plc, has received regulatory approval from the Central Bank of Angola for the acquisition of a majority equity stake in Finibanco Angola S.A.
The Nigerian bank plans to acquire 80% of the shares of the $300 million worth bank in assets, which has 20 branches.
Access Bank had previously announced its plans to acquire 51% shares of majority shareholder Montepio, the Holding Company for Banco Montepio.
The Central Bank of Nigeria had already granted its approval to the transaction, and the bank expects to receive approval from the Angolan Competition Authority in the coming days.
The bank has also signed agreements with minority shareholders of Finibanco Angola S.A. who have expressed interest in selling their shares, with the aim of attaining a total shareholding above 80% in Finibanco Angola S.A. at the completion of the transaction.
Dr. Herbert Wigwe, Group Chief Executive Officer of Access Holdings, expressed his pleasure at the development, stating that the bank is well-positioned to provide high-value financial services to high-growth businesses and the rising consumer sector in Angola, while complementing their strategic growth objectives in the broader SADC region.
Article updated 4 days ago. Content is written and modified by multiple authors.
