Access Bank Plc, the flagship subsidiary of Access Holdings, has completed its acquisition of majority equity in Angolan entity, Finibanco Angola S.A.
This was revealed in a notice filed on the Nigerian Exchange Limited on Thursday.
Access Holdings had earlier announced the deal on October 4, 2022, and had received regulatory approvals in Nigeria and Angola.
Commenting on the development, the Group Chief Executive Officer, Access Holdings, Dr. Herbert Wigwe, said, “In anticipation of the completion of the transaction, the Bank has made excellent progress in integration planning. Our plan is to leverage our expansive distribution network, best-in-class technology, risk and governance practices to serve high-growth businesses and the rising consumer sector in Angola.
“We will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola in line with our strategic growth objective in the broader South African Development Community while delivering value to our stakeholders.”
In May, the lender said that it was expecting to receive the approval of the Angolan Competition Authority 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 deal.
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. after the process.
Source : Punch