Access Holdings PLC has announced the successful acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited by its main subsidiary, Access Bank Plc.
This milestone was confirmed through a disclosure on the Nigerian Exchange page, signed by the company secretary, Sunday Ekwochi, on November 27, 2024.
The announcement follows a previous statement made on July 14, 2023, when Access Holdings disclosed that it had reached an agreement to acquire several sub-Saharan African subsidiaries from Standard Chartered Bank.
A year after the initial announcement, Access Holdings Plc has completed these key acquisitions. The company also revealed that it is in the final stages of acquiring Standard Chartered Bank’s subsidiaries in Cameroon and The Gambia, as well as its Consumer, Private, and Business Banking operations in Tanzania.
The deal initially covered Access Bank’s purchase of stakes in subsidiaries based in Angola, Cameroon, The Gambia, and Sierra Leone, alongside the acquisition of Standard Chartered’s operations in Tanzania.
This transaction is part of Access Bank’s broader strategy to increase its footprint in the African banking sector.
Access Bank’s acquisition strategy gained further momentum in 2024, with notable moves including the acquisition of an 80% stake in Uganda’s Finance Trust Bank, the full acquisition of National Bank of Kenya, and the purchase of African Banking Corporation of Tanzania, which now operates as Access Bank Tanzania.
Additionally, Access Holdings expanded its financial services portfolio by merging with ARM Pensions Managers to form Access ARM Pensions, one of Nigeria’s largest pension administrators.
Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, expressed satisfaction with the successful completion of the Angola and Sierra Leone acquisitions. “We are pleased to have concluded two important acquisitions in Angola and Sierra Leone. These transactions will create synergies, enhancing the quality of our earnings and significantly increasing our market share in corporate and SME banking,” Ogbonna said.
He added, “These acquisitions are a pivotal step in realizing our vision of becoming the world’s most respected African bank.”
Access Holdings, Nigeria’s largest financial services company by total assets, has maintained its focus on growth through strategic mergers and acquisitions. The company’s stock, currently trading at N23, has seen consistent growth in 2024, building momentum since the third quarter.
