The subsidiary of Access Holdings, Access Bank, has acquired a majority stake in Angolan Bank, Finibanco Angola S.A.
The development was revealed in a notice filed on the Nigerian Stock Exchange on Thursday, July 13, 2023.
Access Holdings announced the deal in October last year and said it had received regulatory clearance in Nigeria and Angola.
Access Bank’s Chief Executive Officer, Herbert Wigwe, said in expectation of the completion of the transaction, the bank has made tremendous progress in integration planning.
Wigwe said. “Our plan is 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 objective in the broader South African Development Community while delivering value to our stakeholders.”
Access Bank has been making incursions into other African markets by acquiring more banks in other African countries.
In March this year, the bank completed the acquisition of a Zambian banking corporation. ThisDay reports that Access Bank announced that it had received final regulatory approval from the Central Bank of Zambia for acquiring and merging Access Bank Zambia Limited and the African Banking Corporation Limited into existing operations.