The Board of Directors Access Bank PCL announced the completion of the Bank’s divestment from its Cote d ’Ivoire subsidiary, Access Bank Cote d’Ivoire.
The divestment was concluded via a direct sale of the Bank’s entire equity holding in the subsidiary to a preferred bidder, Afriland First Group SA. Afriland First Group SA is a full service financial services group based in the Republic of Cameroun with operations in Congo (DR), Equatorial Guinea, Sao Tome & Principe and Zambia.
All conditions for the completion of the transaction have been achieved, including the receipt of regulatory approvals from both the Central Bank of Nigeria and the Central Bank of West African States (BCEAO).
The impairments arising from this divestment have already been accounted for in the Bank’s financials beginning from January 2013. As at December 2012 Access Bank Cote d’Ivoire had negative Net Asset of N3billion. The bank had basically written of the about N5.4billion investment it had in the subsidiary bank.
Access Bank Bites The Bullet: Completes Divestment From Loss Making Access Bank Cote d’Ivoire
