Access Bank, a leading Nigerian financial institution, has taken a significant step in its African expansion plans through the completion of its majority stake acquisition in Finibanco Angola. Furthermore, Access Bank has reached an agreement with Standard Chartered Bank to acquire its shares in subsidiaries located in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its Consumer, Private, and Business Banking business in Tanzania. This strategic move aligns with Access Bank’s vision to establish a robust global franchise and enhance its presence as a prominent gateway for seamless payments, investment, and trade.
The announcement, made at Standard Chartered’s London headquarters, solidifies the partnership between the two banks and marks another milestone in Access Bank’s growth trajectory. The transaction is subject to regulatory approval from local authorities and the banking regulator in Nigeria, emphasizing the adherence to legal processes and regulations.
Standard Chartered, as part of its divestment strategy announced in April 2022, had planned to exit several markets, including Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan. The bank has made significant progress in completing the divestment process, having recently announced the sale of its businesses in Zimbabwe and Jordan. However, discussions are still ongoing for the potential sale of its Consumer Private and Business Banking (CPBB) business in Côte d’Ivoire.
Both Access Bank and Standard Chartered are committed to ensuring a smooth transition during this acquisition process. They will work closely together in the coming months to finalize the transaction, which is expected to be completed within the next 12 months.
Access Bank’s Group Managing Director, Roosevelt Ogbonna, expressed the bank’s commitment to reshaping the perception of African businesses on a global scale. The bank aims to build a world-class payments gateway, leveraging technology and a robust network of relationships across its operating countries. The expansion plans will bridge the gap between cross-border and domestic transfers, serving all business segments efficiently while positively impacting host communities.
With this strategic move, Access Bank continues to demonstrate its dedication to establishing a strong presence in the African market and fostering partnerships that enhance its capabilities as a leading financial institution.
