Access Bank Finally Completes Acquisition of Angolan’s Finibanco
Written by Broadstreet Admin on July 14, 2023
Access Bank Plc, the primary subsidiary of Access Holdings, has successfully finalized its acquisition of a majority stake in Finibanco Angola S.A., an Angolan entity. This significant milestone was disclosed in a notice submitted to the Nigerian Exchange Limited on Thursday.
The agreement to acquire Finibanco Angola S.A. was initially announced by Access Holdings on October 4, 2022, and subsequently received regulatory approvals from both Nigeria and Angola.
Commenting on the development, the Group Chief Executive Officer, Access Holdings, Dr. Herbert Wigwe, said, “In anticipation of the completion of the transaction, the Bank has made excellent progress in integration planning. Our plan is 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 objective in the broader South African Development Community while delivering value to our stakeholders.”
Back in May, the financial institution stated its anticipation of obtaining approval from the Angolan Competition Authority, marking a crucial step towards fulfilling the regulatory requirements for the deal. This approval was deemed essential for the bank to proceed with the completion of customary conditions precedent necessary to finalize the agreement.
Furthermore, the lender announced that it had entered into agreements with minority shareholders of Finibanco Angola S.A. who had expressed their intention to sell their shares simultaneously. As part of its objectives, the lender aimed to acquire a total shareholding of over 80 percent in Finibanco Angola S.A. throughout the course of this process.