Access Bank Finalizes Acquisition of Standard Chartered Banks in Angola and Sierra Leone

Access Bank PLC has completed its acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank Sierra Leone Limited. This strategic expansion focuses on enhancing their corporate and SME banking capabilities in these regions. Roosevelt Ogbonna, CEO of Access Bank, highlighted this move as a step towards becoming the “World’s Most Respected African Bank.” Further acquisitions in Cameroon, the Gambia, and Tanzania are also being pursued.

Access Holdings PLC has officially completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone) Limited, as announced on July 14, 2023. This strategic move by Access Bank PLC, its flagship subsidiary, is poised to enhance their earnings potential by expanding their presence in corporate and SME banking across Angola and Sierra Leone. As stated by Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank PLC, these acquisitions mark a significant milestone in their vision to establish Access Bank as the “World’s Most Respected African Bank.” Furthermore, discussions are underway for Access Bank to acquire additional subsidiaries of Standard Chartered in Cameroon, the Gambia, and their Consumer, Private, and Business Banking business operations in Tanzania. Access Holdings pledges to maintain transparency and will provide updates as necessary.

The completion of these acquisitions by Access Bank serves as a pivotal development in the landscape of African banking, underlining the bank’s commitment to growth and innovation. By integrating Standard Chartered’s established operations in Angola and Sierra Leone, Access Bank aims to leverage synergies that will bolster its corporate and SME banking services. This expansion is part of Access Bank’s broader strategy to enhance its earnings base and become a formidable presence in the African banking sector.

In summary, Access Bank’s acquisition of Standard Chartered Bank in Angola and Sierra Leone represents a strategic leap forward in its growth trajectory. This move not only underscores Access Bank’s ambition to become a leading African bank but also solidifies its commitment to enhancing service quality in the regions it now operates. Future expansions in additional African markets are anticipated, aligning with Access Bank’s long-term vision.

Original Source: championnews.com.ng