Access Bank Plc has completed the acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone, enhancing its corporate and SME banking presence. CEO Roosevelt Ogbonna confirmed this strategic move, aimed at improving earnings quality and expanding the bank’s influence in the region, with plans for additional acquisitions in more countries.
Access Bank Plc has officially finalized its acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone, as per a regulatory announcement made on July 14, 2023. Mr. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank, confirmed this completion in a statement delivered to the Nigerian Exchange Limited in Lagos. He expressed satisfaction with the successful conclusion of these acquisitions, noting that they will enable Access Bank to enhance its earnings quality in both markets by increasing its presence in Corporate and SME banking.
Mr. Ogbonna further elaborated on Access Bank’s strategic vision, indicating that these acquisitions represent significant milestones in the bank’s ambition to emerge as the most respected African bank globally. He mentioned ongoing discussions for additional acquisitions, including subsidiaries in Cameroon and the Gambia, as well as the consumer and private banking divisions in Tanzania. Access Holdings continues to operate through a vast network of over 700 branches and service outlets, reaching across three continents and serving over 60 million customers.
The acquisition of Standard Chartered Bank in Angola and Sierra Leone by Access Bank signifies a strategic move to enhance its operational capabilities and market share in these emerging markets. This acquisition is aligned with Access Bank’s broader strategic goals, focusing on expanding its influence across Africa and improving profitability through diversified banking services. Additionally, the ongoing negotiations for further acquisitions highlight Access Bank’s commitment to consolidating its market position across the continent.
In conclusion, Access Bank’s acquisition of Standard Chartered Bank in Angola and Sierra Leone marks a pivotal advancement in its strategy to strengthen its corporate and SME banking sectors in these regions. With aspirations to become the world’s most respected African bank, Access Bank is also pursuing further acquisitions in other markets. This expansion reflects Access Bank’s ambition to bolster its footprint across Africa and improve overall service delivery to its substantial customer base.
Original Source: dmarketforces.com
