Access Holdings PLC announces the successful completion of the acquisition of Standard Chartered Bank’s Angola and Sierra Leone subsidiaries by Access Bank PLC. This marks a strategic achievement aimed at enhancing the bank’s presence in corporate and SME banking. The bank is also pursuing further acquisitions in other African countries.
Access Holdings PLC has successfully completed its acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank Sierra Leone Limited through its subsidiary, Access Bank PLC. This development follows the prior announcement made on July 14, 2023, regarding the strategic advancements of Access Holdings in these important markets. Roosevelt Ogbonna, Managing Director and CEO of Access Bank, expressed satisfaction with achieving these milestones which are expected to bolster their corporate and SME banking presence in Angola and Sierra Leone. Furthermore, Access Holdings is in the process of negotiating the acquisition of Standard Chartered Bank’s subsidiaries in additional countries, including Cameroon, the Gambia, and the banking operations in Tanzania.
The completion of these acquisitions marks a significant step for Access Bank in expanding its footprint in the African banking sector, aligning with its goal to enhance operational efficiency and market share. With growing economic activities in Angola and Sierra Leone, Access Bank is poised to leverage these synergies to improve the quality of its earnings. The ongoing acquisition discussions with Standard Chartered Bank’s subsidiaries in several other African nations further illustrate Access Bank’s commitment to becoming a leading financial institution across the continent.
In summary, Access Holdings PLC has successfully finalized its acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone, signifying a vital expansion in key African markets. Through these acquisitions, Access Bank aims to strengthen its corporate and SME banking sectors while continuing to pursue further growth opportunities across the continent. The strategic move not only enhances Access Bank’s position but also brings them closer to their vision of becoming the most respected African bank globally.
Original Source: championnews.com.ng
