Access Bank Completes Strategic Acquisition of Standard Chartered Subsidiaries in Africa
Access Bank Plc has completed its acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, following an agreement reached on July 23, 2023. This strategic acquisition aims to enhance Access Bank’s earnings and market presence. CEO Roosevelt Ogbonna emphasized its alignment with the bank’s goal of being a respected African banking institution.
Access Bank Plc has successfully completed its acquisition of Standard Chartered Bank’s subsidiaries located in Angola and Sierra Leone. This acquisition forms part of a broader strategic initiative for both institutions; Standard Chartered announced in April 2022 its intent to exit operations in seven countries within Africa and the Middle East. Following an agreement reached on July 23, 2023, Access Bank now enhances its presence in sub-Saharan Africa, having announced the completion of the acquisition on the Nigerian Exchange Limited (NGX).
Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank, expressed pride in this achievement, stating that it represents a vital addition to Access Bank’s portfolio and will significantly elevate its earnings potential in both nations. He emphasized the importance of these acquisitions in advancing Access Bank’s long-term vision of becoming “the World’s Most Respected African Bank.”
In the corporate announcement, Access Holdings highlighted ongoing negotiations to complete additional transactions involving Standard Chartered Bank’s subsidiaries in Cameroon and The Gambia, as well as its Consumer, Private, and Business Banking division in Tanzania. This follows shortly after Access Holdings announced intentions to acquire a majority stake in Afrasia Bank Limited, marking Access Bank as a rapidly expanding entity in the region.
The recent acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone by Access Bank Plc is a strategic maneuver that underscores the evolving landscape of banking in Africa. Standard Chartered’s decision to exit several markets reflects a shift in focus towards more profitable ventures, while Access Bank’s acquisition enhances its footprint in sub-Saharan Africa, aiming to boost its market share and increase earnings through synergies in Corporate and SME banking. This move is part of Access Bank’s ambitious plans to increase its influence and respect as a leading African bank on a global scale.
In conclusion, Access Bank’s acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone marks a significant milestone in its growth strategy, enhancing its market share in corporate and SME banking and reinforcing its vision as a prominent African banking institution. The ongoing efforts to expand further into other countries such as Cameroon, The Gambia, and Tanzania highlight Access Bank’s commitment to becoming a leader in the African financial sector. The recent acquisition endeavors position Access Bank for increased earnings and a broader operational footprint.
Original Source: www.thecable.ng
