Access Bank Plc has completed the acquisition of Standard Chartered Bank in Angola and Sierra Leone. This strategic move is intended to enhance the quality of earnings and expand the bank’s share in corporate and SME banking in these markets. The bank is also pursuing additional acquisitions within the African region, reinforcing its growth objectives.
Access Bank Plc. has successfully completed its acquisition of Standard Chartered Bank in both Angola and Sierra Leone, as confirmed in a regulatory filing with the Nigerian Exchange on July 14, 2023. Mr. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer (CEO) of Access Bank Plc, disclosed this development in a notification to the Nigerian Exchange Ltd. in Lagos on Wednesday. Ogbonna expressed satisfaction with the conclusion of these acquisitions, emphasizing their potential to enhance earnings quality and expand market share in corporate and SME banking across these two nations.
The acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone is part of Access Bank Plc’s broader strategy aimed at consolidating its presence in Africa and enhancing its service offerings. By integrating these subsidiaries, Access Bank not only reinforces its footprint in key markets but also positions itself to leverage synergies that will contribute to its financial performance. The bank has announced further ambitions to acquire additional Standard Chartered subsidiaries in Cameroon, Gambia, and various banking segments in Tanzania, indicating a systematic approach to regional expansion.
In conclusion, Access Bank’s strategic acquisition of Standard Chartered Bank in Angola and Sierra Leone marks a significant milestone in their vision to emerge as the foremost African bank respected worldwide. This initiative not only promises enhanced earnings and a stronger market presence but also sets the stage for further growth through future acquisitions. The bank’s continuous expansion reflects its commitment to serving a diverse clientele across its vast operational network.
Original Source: dmarketforces.com
