Access Holdings Plc has completed the acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone through Access Bank Plc. This move aims to enhance the bank’s Corporate and SME banking presence and aligns with its vision of becoming the World’s Most Respected African Bank. Further acquisitions in Cameroon, The Gambia, and Tanzania are also planned.
Access Holdings Plc has successfully finalized the acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone through its subsidiary, Access Bank Plc. This strategic move is anticipated to enhance Access Bank’s presence and operational capacity within these two significant markets, with a focus on expanding their Corporate and SME banking sectors. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, expressed satisfaction at achieving this critical milestone in the bank’s growth journey, aligning with their vision to emerge as the “World’s Most Respected African Bank.” Moreover, discussions are underway regarding additional acquisitions, including Standard Chartered Bank’s businesses in Cameroon, The Gambia, and components of its operations in Tanzania.
The completed acquisition of Standard Chartered Bank Angola S.A. and Sierra Leone Limited marks a significant milestone in Access Bank’s strategic expansion plans. The two banks’ merger is expected to provide valuable synergies and bolster the quality of earnings from these operations. As Access Bank positions itself within these markets, the focus remains on effectively addressing the corporate and SME sectors, which are vital for growth in these economies. The bank’s leadership emphasizes its long-term commitment to building a respected and influential financial institution across Africa.
Access Bank Plc, a subsidiary of Access Holdings Plc, has made significant strides in the African banking sector by expanding its footprint through acquisitions. The completion of the acquisition of Standard Chartered Banks in Angola and Sierra Leone underscores Access Bank’s strategy to enhance its market share and service provision in these regions. With an overarching aim to become the leading bank in Africa, Access Bank is also pursuing additional acquisitions to expand its service offerings and strengthen its regional presence, particularly in Corporate and SME banking. As competition intensifies in the banking sector, such strategic actions are pivotal for growth and sustainability.
In conclusion, Access Holdings Plc’s successful acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone highlights the bank’s commitment to expanding its influence in the African banking landscape. With aspirations to elevate the quality of earnings and grow market share in the Corporate and SME sectors, Access Bank continues to pursue further acquisitions to reinforce its strategic vision. Ultimately, this significant move marks a step forward in Access Bank’s goal of becoming the World’s Most Respected African Bank.
Original Source: www.thisdaylive.com
