Business
Access Bank has Received Regulatory Approval to Acquire an Angolan Banking firm.
Access Bank has received regulatory approval to acquire an Angolan banking firm.
Access Holdings Plc stated that its flagship subsidiary, Access Bank Plc, has acquired regulatory approval from the Central Bank of Angola to acquire a controlling share in Finibanco Angola S.A.
The transaction has already received approval from the Central Bank of Nigeria, and the bank anticipates receiving approval from the Angolan Competition Authority in the coming days, which would complete the regulatory approval requirements for the transaction and allow the bank to start working on other customary conditions necessary for closing the deal.
The bank has also signed an agreement with the minority shareholders of Finibanco Angola S.A., who have expressed an interest in selling their shares concurrently and target attaining a total shareholding above 80% in Finibanco Angola S.A. at the completion of the transaction.
Commenting on the recent development, Dr. Herbert Wigwe, Group CEO of Access Holdings, said:
“We are pleased to be well positioned to join the select league of banks providing high-value financial services to high-growth businesses and the rising consumer sector in Angola.” “The Bank brings a lot of value-add and expertise that will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola, while complementing our strategic growth objectives in the broader SADC region.”
