Access Holdings Plc, trading as Access Corporation, has announced its planned acquisition of a 51% majority equity stake in Angolan-based Finibanco S.A by Access Bank Plc.
The deal would be carried out through the purchase of existing shares held by Montepio-the Holding Company for Banco Montepio, one of Portugal’s commercial banks, according to Mr. Sunday Ekwochi, the company’s secretary, in a statement on Tuesday.
The full-service commercial bank Finibanco Angola S.A. (Finibanco) has over 20 branches, approximately $300 million in total assets, and is profitable and well-capitalized. Since 2008, it has operated in Angola. With a sizable and diverse base of natural resources, a rising population, and the sixth-largest economy in Africa, Angola is the seventh-largest country overall.
What Access bank is saying
The statement reads “Access Holdings Plc, trading as Access Corporation (‘the Corporation’) today announces that its wholly owned subsidiary, Access Bank Plc (the Bank) has entered into a binding agreement with Montepio Holding SGPS S.A (‘Montepio’) to acquire a 51 percent majority shareholding in Finibanco Angola S.A. (the Transaction).”
“The Transaction furthers the bank’s strategy to be Africa’s payment gateway to the world whilst working with other Africa-focused multilateral to provide robust and efficient payment platforms and ecosystems to serve the continent,” he said.
The proposed activity, according to the secretary, is anticipated to provide a significant long-term contribution to the bank’s overall growth trajectory and financial outcomes.
In addition, he stated that the acquisition will conclude in the first half of 2023, pending regulatory clearances in Nigeria and Angola and the fulfillment of normal antecedent conditions.
He claims that following the transaction, the bank will likely increase its ownership of Finibanco S.A. and will come to certain constrained agreements in this regard.
Commenting on the transaction, Dr. Herbert Wigwe, group chief executive officer of the corporation said, “At Access, our vision remains clear as ever and our determination to harness accretive opportunities within and outside Nigeria is our core strategic focus. Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges.”
He added that access bank remains “committed to making these disciplined and well-structured investments towards creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.”
Impressive! Kudos to Herbert Wigwe and his team.