Access Bank secures regulatory approval for acquisition of Angola based financial institution
Access Holdings Plc has announced that its flagship subsidiary, Access Bank Plc has received regulatory approval from the Central Bank of Angola for the acquisition of a majority equity stake in Finibanco Angola S.A.
The Central Bank of Nigeria has previously granted its approval to the transaction and the Bank expects to receive the approval of the Angolan Competition Authority in the coming days, which would complete the requirements for the regulatory approvals for the transaction, enabling the Bank to initiate completion of other customary conditions precedent to close the transaction.
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The Bank has also signed an agreement with the minority shareholders of Finibanco Angola S.A who have expressed an interest to sell their shares concurrently and targets to attain 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 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”.
