Access Bank Plc has announced the successful acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, marking a significant milestone in its expansion across Africa.
The completion of the transaction was disclosed in a statement issued on Wednesday by the Company Secretary, Sunday Ekwochi. This follows an agreement signed in July 2023 between Access Bank Plc and Standard Chartered Bank to acquire Standard Chartered’s shareholdings in its subsidiaries across Angola, Cameroon, The Gambia, and Sierra Leone, as well as its consumer, private, and business banking operations in Tanzania.
Commenting on the achievement, Access Bank Plc’s Managing Director/CEO, Roosevelt Ogbonna, expressed satisfaction with the progress. He said, *“We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone. These acquisitions will significantly enhance our corporate and SME banking capabilities in these markets, bolstering our earnings and market share.”*
The acquisition aligns with Access Bank’s vision of becoming the most respected African bank, Ogbonna added.
Access Bank is still working to finalize its acquisition of Standard Chartered Bank’s subsidiaries in Cameroon, The Gambia, and its Consumer, Private, and Business Banking business in Tanzania.
Additionally, Access Bank UK, a subsidiary of Access Holdings, has entered an agreement to acquire a majority stake in Afrasia Bank Limited, Mauritius’s fourth-largest bank by total assets, valued at $5.7 billion as of mid-2024. This move will position Mauritius as a strategic hub for Access Bank’s trade finance, wealth management, and corporate banking services.
These acquisitions underscore Access Bank’s aggressive expansion strategy across the African continent and beyond, solidifying its position as a leading pan-African financial institution.
