Access Bank Plc has confirmed the successful acquisition of Standard Chartered's subsidiaries in Angola and Sierra Leone. This announcement was made in a statement issued on Wednesday, which was signed by the Company Secretary, Sunday Ekwochi.
In July 2023, Access Bank Plc and Standard Chartered Bank reached agreements for the acquisition of Standard Chartered’s stakes in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, along with its consumer, private, and business banking operations in Tanzania. Each of these transactions was subject to the approval of the appropriate local regulatory bodies and the banking regulator in Nigeria.
On Wednesday, Access Bank confirmed the completion of two of these transactions. Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank Plc and CEO of the Banking Group, commented on this achievement, stating, “We are delighted to have successfully finalized two significant acquisitions in Angola and Sierra Leone, which will enable us to enhance the quality of our earnings in these markets by substantially increasing our share in Corporate and SME banking.”
He further noted that these acquisitions represent a crucial advancement towards Access Bank's overarching goal of becoming the most respected African bank globally. The parties are currently finalizing the remaining transactions, which involve Access Bank's acquisition of Standard Chartered Bank’s subsidiaries in Cameroon, The Gambia, and its Consumer, Private, and Business Banking operations in Tanzania.
Recently, Access Bank has been actively pursuing strategic acquisitions across the African continent to expand its operational reach. Notably, Access Bank UK has entered into an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth largest bank by total assets in Mauritius, which reported assets of $5.7 billion as of mid-2024.
Access Bank UK, a subsidiary of Nigeria’s Access Holdings, intends to leverage Mauritius as a pivotal hub for trade finance, wealth management, and corporate banking services.