May 25, 2024

Access Bank Gets Approval For Majority Stake Acquisition In Finibanco Angola

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Access Bank Gets Approval For Majority Stake Acquisition In Finibanco Angola

Access Bank, the flagship subsidiary of Access Holdings Plc has received the approval of the Central Bank of Angola, Banco Nacional de Angola for the acquisition of a majority equity stake in Finibanco Angola S.A.
This was disclosed in a corporate notice filed on the Nigerian Exchange Limited on Wednesday.

Access Holdings had earlier announced the deal on October 4, 2022, and had received the approval of the Central Bank of Nigeria.

The bank said that it was expecting to receive the approval of the Angolan Competition Authority in the coming days, which would complete the requirements for regulatory approvals for the deal, enabling the bank to initiate completion of other customary conditions precedents to close the transaction.

The lender added that it had also signed agreements with minority shareholders of Finibanco Angola S.A. who had expressed interest to sell their shares concurrently and targets to attain a total shareholding above 80 per cent in Finibanco Angola S.A. at the completion of the process.

Commenting on the development, the Group Chief Executive Officer, Access Holdings, Dr. Herbert Wigwe, 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 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.”

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