Access Holdings has announced that it has successfully acquired the majority of Finibanco Angola.
The group stated that the transaction was made through its flagship subsidiary, Access Bank Plc, in a press release notice that was sent to the Nigeria Exchange Limited.
Group CEO of Access Holdings, Dr. Herbert Wigwe, commented on the transaction’s conclusion.
“To support high-growth companies and the expanding consumer market in Angola, we intend to make use of our extensive distribution network, best-in-class technology, risk, and governance practices.
“In line with our strategic growth objectives in the larger South Africa Development Community, we will operate as a constructive catalyst to encourage increased innovation and promote the depth of the financial sector in Angola while providing value to our stakeholders.
Recall that the Central Bank of Nigeria had given Access Holdings permission to move forward with the transaction.
The Angolan Competition Authority also gave Access Holdings permission to finish obtaining the required regulatory approval for the purchase of the bank.
The organization pointed out that the bank had executed the relevant contracts with Finibanco Angola S.A.’s minority shareholders who had indicated an interest in selling their shares.
“After the deal is complete, Access Holdings will own more than 51% of Finibanco Angola S.A.”
Last year, Access Holdings Plc announced that Access Bank, a fully owned subsidiary, has signed a legally binding agreement to purchase a 51% controlling interest in FInibanco Angola S.A. from Montepio Holding SGPS S.A.
Full-service, successful, and well-capitalized commercial bank Finibanco Angola S.A. has over 20 branches and around $300 million in total assets that have operated in Angola since 2008.
