Access Bank Finally Completes Acquisition Of Angolan Bank

Nigeria’s first tier bank, Access Bank Plc has completed the acquisition of Majority stake in Finibanco Angola S.A.

Access Holding made the disclosure in a regulatory filing on Thursday, seen by THE WHISTLER.

“In anticipation of the completion of the transaction the Bank has made excellent progress in integration planning. 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 objectives in the broader South Africa Development Community while delivering value to our stakeholders,’ Herbert Wigwe, the Group Chief Executive of Access Holdings said.

The journey for the acquisition of Finibanco was first announced in October 2022.

Access had disclosed plans to expand its footprint through the acquisition of 51 per cent shares of majority shareholder, Montepio-the Holding Company for Banco Montepio.

Access Bank in Mrch 2023 announced that it has gotten the approval of Central Bank of Angola to acquire the 51 per cent shares belonging to majority shareholders of Finibanco Angola S.A.

The lender went further to seal a deal with interested minority shareholders of Finibanco to acquire their shares.

This would give the Nigerian bank 80 per cent of the shares of the $300m worth bank in asset and has 20 branches.