Access Bank Plc has completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone. This follows Standard Chartered’s decision to exit certain African markets, allowing Access Bank to expand its operations and enhance earnings. The move is part of Access Bank’s ongoing strategy to strengthen its market position in Sub-Saharan Africa, with future acquisitions planned in other countries.
Access Bank Plc has successfully completed its acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone. This move follows Standard Chartered’s decision in April 2022 to withdraw its operations in seven countries across Africa and the Middle East as part of its strategic business optimization. On July 23, 2023, an agreement was reached for Access Bank to acquire these subsidiaries, a process finalized as announced in their latest corporate filing with the Nigerian Exchange Limited (NGX).
According to Access Holdings, the flagship subsidiary, Access Bank Plc, has now formally acquired Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone) Limited. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, expressed satisfaction with the completion of these acquisitions, emphasizing the opportunity to enhance earnings and grow their market share in Corporate and SME banking within Angola and Sierra Leone. He stated that this development signifies a further step toward achieving their goal of becoming the most respected African bank.
Access Holdings also indicated ongoing efforts to finalize further transactions aimed at acquiring Standard Chartered Bank’s subsidiaries in additional regions including Cameroon, the Gambia, and its Consumer, Private, and Business Banking operations in Tanzania. In addition, Access Bank UK recently signed an agreement to acquire a majority stake in Afrasia Bank Limited, a significant financial institution in Mauritius, demonstrating continued growth and expansion strategies.
This article discusses Access Bank Plc’s acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, a strategic move that aligns with broader efforts by Access Bank to enhance its presence in the African banking sector. Standard Chartered’s withdrawal from these markets stems from its goal to streamline operations and focus on more profitable areas, creating an opportunity for Access Bank to expand its footprint in Sub-Saharan Africa, particularly in corporate and SME banking. Furthermore, Access Bank’s ongoing negotiations to acquire additional subsidiaries highlight its commitment to growth in the region.
In conclusion, the acquisition of Standard Chartered’s subsidiaries in Angola and Sierra Leone marks a significant milestone for Access Bank, solidifying its strategy to strengthen earnings and enhance market presence in Sub-Saharan Africa. With plans to acquire additional banking operations across the region, Access Bank is poised to become a more significant player in the African banking landscape, working towards its vision of being the most respected African bank.
Original Source: www.thecable.ng
