Access Holdings have announced the completion of its acquisition of a majority stake in Finibanco Angola.
In a press release notice which was sent to the Nigeria Exchange Limited (NGX), the group said the acquisition was via its flagship subsidiary – Access Bank Plc.
Commenting on the completion of the acquisition, the Group CEO of Access Holdings, Dr Herbert Wigwe said:
- “In anticipation of the completion of the transaction the Bank has made excellent progress in integration planning. We plan to leverage our expansive distribution network, best-in-class technology, risk and governance practices to serve high-growth businesses and the rising consumer sector in Angola.
- We will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola in line with our strategic growth objectives in the broader South Africa Development Community while delivering value to our stakeholders”
Regulatory Approval
Recall that Nairametrics reported that Access Holdings had received approval from the Central Bank of Nigeria to proceed with the acquisition.
Access Holdings also received approval from Angolan Competition Authority to complete the necessary regulatory approval for the acquisition of the bank.
The group noted that the bank has signed necessary agreements with minority shareholders of Finibanco Angola S.A. who have expressed an interest in selling their shares.
With the completion of the acquisition, Access Holdings now own more than 51% stake in Finibanco Angola S.A.
What you should know
Access Holdings Plc disclosed last year that its wholly owned subsidiary – Access Bank – had entered a binding agreement with Montepio Holding SGPS S.A. to acquire a 51% majority shareholding in FInibanco Angola S.A.
Finibanco Angola S.A. is a profitable, well-capitalized, full-service commercial bank with over 20 branches and around $300 million in total assets that have operated in Angola since 2008.
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