Access Bank Completes Significant Acquisitions in Angola and Sierra Leone

Access Holdings Plc has finalized the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone) Limited through its subsidiary, Access Bank Plc. This move is expected to enhance Access Bank’s operations within these markets, particularly in the Corporate and SME sectors. Roosevelt Ogbonna highlighted this achievement as a step towards achieving the bank’s goal of being recognized as the World’s Most Respected African Bank, with plans for further expansions into Cameroon, the Gambia, and Tanzania.

Access Holdings Plc has announced that its subsidiary, Access Bank Plc, has officially completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone) Limited. This strategic move is anticipated to boost Access Bank’s market presence in these regions and enhance its capacity to serve Corporate and SME clients, leveraging synergies from both acquisitions to improve earnings quality. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, expressed satisfaction regarding this significant milestone in the bank’s expansion efforts into Africa.

Mr. Ogbonna remarked, “We are pleased to have successfully concluded 2 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.” He also noted that these acquisitions align with Access Bank’s vision of becoming the “World’s Most Respected African Bank.” Furthermore, Access Bank is currently engaged in ongoing negotiations to acquire additional subsidiaries from Standard Chartered Bank, including branches in Cameroon and the Gambia as well as its Consumer, Private, and Business Banking operations in Tanzania.

The banking sector in Africa has witnessed significant consolidation activity, with larger banks acquiring smaller entities to enhance their market reach and operational efficiencies. Access Holdings Plc stands at the forefront of this trend, driven by its strategic goal of amplifying its banking footprint and improving service offerings across various African markets. By successfully acquiring Standard Chartered Bank’s operations in Angola and Sierra Leone, Access Bank is poised to capture a larger share of the Corporate and SME market segment, which is essential for its growth and sustainability in the region. This acquisition reflects the increasing competitiveness of banks in Africa to position themselves as key players on a global scale.

In conclusion, the successful completion of the acquisitions of Standard Chartered Bank’s operations in Angola and Sierra Leone by Access Bank marks a significant development in the bank’s growth strategy. It aligns with Access Bank’s vision of enhancing its presence in Africa and underscores its commitment to providing quality banking services to corporate and SME clients. As Access Bank continues to pursue further expansions within the continent, these strategic moves signify the potential for increased market influence and financial performance.

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