Access Holdings PLC has announced that its main subsidiary, Access Bank Plc, has successfully completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
This update was published on the NGX disclosure page and signed by the company secretary, Sunday Ekwochi, on November 27, 2024.
The announcement follows an earlier statement from July 14, 2023, in which Access Holdings Plc disclosed that Access Bank Plc had reached an agreement to acquire several of Standard Chartered’s sub-Saharan African subsidiaries.
A year after announcing its plans, Access Holdings Plc has confirmed the completion of this significant acquisition, stating:
“Access Holdings Plc is pleased to announce that its flagship subsidiary, Access Bank Plc, has completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.”
In addition, the company announced that it is working to finalize the acquisition of Standard Chartered Bank’s subsidiaries in Cameroon and The Gambia, as well as its Consumer, Private, and Business Banking operations in Tanzania.
Backstory
On July 14, 2023, Access Holdings Plc and Standard Chartered Bank announced an agreement for Access Bank Plc, to acquire Standard Chartered’s sub-Saharan African subsidiaries.
- This acquisition deal included Access Bank purchasing Standard Chartered’s stakes in subsidiaries based in Angola, Cameroon, Gambia, and Sierra Leone. Additionally, Access Bank agreed to acquire Standard Chartered’s Consumer, Private, and Business Banking operations in Tanzania.
- The agreement came on the heels of Access Bank’s earlier acquisition of a 51% majority equity stake in Finibanco Angola, reinforcing its commitment to expanding its presence in Africa.
- In 2024, Access Holdings pursued its growth strategy with several notable acquisitions. These include 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, now operating as Access Bank Tanzania.
- Beyond banking, the company has expanded its portfolio by merging with ARM Pensions Managers to form Access ARM Pensions, now one of Nigeria’s larger pension administrators.
The latest announcement on November 27, 2024, adds to Access Holdings’ expanding acquisition portfolio, further extending its presence in the financial services sector.
CEO’s comment
Commenting on the acquisitions announced on November 27, 2024, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and CEO of the Banking Group, expressed satisfaction with the successful completion of two major deals in Angola and Sierra Leone.
“We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone,” Ogbonna said. “These transactions create synergies that enhance the quality of our earnings from both countries by significantly increasing our market share in corporate and SME banking.”
He added, “These combinations mark another pivotal step in realizing our broader vision of becoming the world’s most respected African bank.”
Access Holdings is Nigeria’s largest financial services company by total assets, supported by its focus on growth through mergers and acquisitions.
The company’s stock, currently trading at N23, has shown consistent growth in 2024, building momentum since the third quarter.