Business
Access Holding reached an Acquisition Agreement with Standard Chartered Bank
Access Holding reached an Acquisition Agreement with Standard Chartered Bank
Access Holdings complete acquisition of majority stake in Finibanco Angola S.A
Access Holdings Plc and Standard Chartered Bank have reached an agreement wherein its flagship subsidiary – Access Bank Plc – will acquire Standard Chartered’s sub-saharan subsidiaries.
Under this acquisition deal, Access Bank will purchase Standard Chartered’s shareholding in its subsidiaries located in Angola, Cameroon, Gambia, and Sierra Leone. Additionally, Access Bank will also acquire Standard Chartered’s consumer, private, and business banking business in Tanzania.
This follows Access Bank’s recent acquisition of a 51% majority equity stake in Finibanco Angola.
With its recent acquisitions, Nairametrics takes a closer look into Access Holding’s expansion in various financial institutions via mergers and acquisitions across Africa:
Access Pensions Limited
Access Pensions Limited is a licensed Pension Fund Administrator (PFA), which resulted from the merger of First Guarantee Pension Limited and Sigma Pensions Limited.
The Company has Assets Under Management (AUM) of just under N1 trillion and over 1 million Retirement Savings Accounts (RSAs). Access Pensions is the Fourth (4th) largest Pension Fund Administrator.
Access Pensions Limited was established in Nigeria on September 2004. Access Holdings currently owns a 51.51% equity stake in Access Pensions.
Hydrogen Payment Services Company Limited
Hydrogen Pay is the fintech subsidiary of Access Holdings. It’s a technology company dedicated to addressing payment challenges for aspiring businesses.
Through payment options like POS and ‘InstaPay’, the company is poised to simplify payments for African Businesses.
Hydrogen Payment Services Company Limited was established in Nigeria on March 2021. Access Holdings own a 99.99% stake in the company.
Access Bank Sierra Leone Limited
Access Bank Sierra Leone, a subsidiary of Access Bank Plc, operates 6 branches across the country with 3 branches in Western Area, one each in Bo, Makeni, and Lungi.
The bank commenced operations in November 2007. Access Bank owns 99.19% equity in its Sierra Leone subsidiary.
Access Holding reached an Acquisition Agreement with Standard Chartered Bank
Access Bank Rwanda Limited
Access Bank (Rwanda) Ltd is a commercial bank that operates in Rwanda that was officially launched in January 2009 after fulfilling all regulatory requirements.
Formerly known as BANCOR SA Rwanda and created in 1995 by foreign investors, the bank was restructured in 2001 after its takeover by Rwandan and South African private investors.
Access Bank Plc officially acquired BANCOR SA after its successful acquisition of a 75% stake. As of 31st December 2022, Access Bank has expanded its stake to 91.22%.
Access Bank Zambia
Access Bank Zambia, a subsidiary of Access Bank Plc, operates 6 branches across the country.
The bank was established in September 2008. Access Bank Plc owns 80.98% equity in its Zambian subsidiary.
Access Bank Ghana
Access Bank Ghana Plc is a subsidiary of Access Bank Plc. The bank was established in 2009 and operates from 51 locations across the country.
The bank went public on Ghana Stock Exchange in March 2017. Access Bank Plc currently owns a 93.40% stake in its Ghana subsidiary.
Access Bank Kenya
Access Bank Kenya formerly known as Transnational Bank Kenya was established in 1984. The bank was acquired in January 2020 by Access Bank Plc. The bank operates in 17 branches in the company.
As of 31st December 2022, Access Bank Plc owns a 99.98% stake in its Kenya subsidiary.
Access Bank South Africa
The bank was established in 1947 as The South African Bank of Athens. It rebranded in 2018 as Grobank following a major acquisition.
In 2021, Grobank was acquired by Access Bank Plc and the bank rebranded as Access Bank South Africa.
Access Bank Plc currently owns a 97.89% stake in its South African subsidiary.
Access Bank Botswana
Formerly called BancABC Botswana, the bank was established in 1997. In October 2021, BancABC Botswana was acquired by Access Bank Plc and the bank rebranded as Access Bank Botswana.
Access Bank Plc currently owns a 78.15% stake in the bank which is listed on the Botswana Stock Exchange.
Other subsidiaries across Africa
Access Bank Plc also have subsidiaries in other African countries such as:
Access Bank Cameroon with 100% equity,
Access Bank Mozambique with a 99.98% stake,
Access Bank Guinea S.A with 100% equity,
Access Bank R.D. Congo with 99.98% ownership,
Access Bank Gambia Limited with 88% stake.
