Business
More To Come As Access Bank Wraps Up Acquisition Of Standard Chartered Bank In Angola & Sierra Leone
“significant step towards our broader vision of becoming the world’s most respected African bank”
Financial institution Access Bank Plc, the flagship subsidiary of Access Holdings Plc, has completed the acquisition of Standard Chartered Bank in Angola and Sierra Leone.
This revelation was made on Wednesday, November 27, 2024.
“We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets. The combinations represent another significant step towards our broader vision of becoming the world’s most respected African bank,” the Chief Executive Officer of Access Bank, Roosevelt Ogbonna, disclosed on Wednesday.
Ogbonna spoke in a statement signed by Access Holdings Company Secretary, Sunday Ekwochi.
Added information from the communication revealed that the parties involved in the deal are working on the completion of transactions that would see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon, The Gambia, and its Consumer, Private, and Business Banking business in Tanzania.
This development enhances Access Holdings Plc’s operations, which boast a network of more than 700 branches and service outlets, spanning three continents, 23 countries, and over 60 million customers. It serves various markets through four subsidiaries across the banking, payment, pension administration, and insurance sectors via four operating companies, namely: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited.
On its part, the deal continues Access Bank’s outstanding growth trajectory over the last twenty years as a dominant player in corporate, investment, commercial, and retail banking. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa’s largest retail banks by customer base and Nigeria’s largest bank by total assets.
