Access Bank Completes Acquisition of Standard Chartered’s Subsidiaries in Africa

Access Bank Plc has completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone. This strategic move is part of Standard Chartered’s exit from specific African markets to enhance its business focus. Access Bank aims to bolster earnings and expand its footprint in corporate and SME banking, furthering its ambition to be a leading African bank.

Access Bank Plc has successfully finalized the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone. Following Standard Chartered’s announcement in April 2022 to withdraw from operations in seven countries within Africa and the Middle East to enhance their business focus, an agreement was reached on July 23, 2023, allowing Access Bank to take over the two banking entities.

In a corporate update to the Nigerian Exchange Limited, Access Holdings announced that the acquisition is officially completed, underscoring the strategic importance of this move. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank, expressed optimism about these acquisitions, highlighting the potential to bolster the bank’s earnings significantly and to increase its market share in corporate and SME banking across both nations.

Furthermore, the acquisition aligns with Access Bank’s broader ambition to solidify its presence as a leading African bank on the global stage. The bank is also reportedly in negotiations to acquire additional Standard Chartered entities in Cameroon, The Gambia, and its Consumer, Private, and Business Banking operations in Tanzania. Notably, Access Holdings announced two weeks prior its agreement to acquire a majority interest in Afrasia Bank Limited, the fourth-largest bank in Mauritius by assets, reflecting its aggressive expansion strategy in the region.

The acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone marks a significant milestone for Access Bank Plc as it actively pursues expansion within sub-Saharan Africa. Standard Chartered’s strategic exit from several markets stems from its intent to streamline operations and focus on higher-growth areas. This transaction not only reinforces Access Bank’s presence in Africa but also aligns with the bank’s objectives to enhance its offerings in corporate and SME sectors while aiming for broader international recognition.

In summation, Access Bank Plc’s achievement in acquiring Standard Chartered’s subsidiaries in Angola and Sierra Leone represents a critical step in its expansion strategy across Africa. The management envisions increased earnings and market presence while consolidating its position as a respected financial entity. This move reflects Access Bank’s dedication to ambitious growth plans, establishing it as a key player in the regional banking sector.

Original Source: www.thecable.ng