Access Bank Completes Acquisition of Standard Chartered in Angola and Sierra Leone
Access Bank Plc has successfully completed its acquisition of Standard Chartered Bank in Angola and Sierra Leone. Managing Director Roosevelt Ogbonna highlighted the strategic importance of these acquisitions for enhancing corporate and SME banking. Ongoing negotiations for additional acquisitions in other African nations further indicate Access Bank’s growth ambitions.
Access Bank Plc has officially completed its acquisition of Standard Chartered Bank in Angola and Sierra Leone, marking a significant expansion for the institution. In an announcement made to the Nigerian Exchange Limited, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, emphasized the strategic importance of these acquisitions. He stated that these developments will enhance their corporate and SME banking presence in both markets, contributing to improved earnings quality. Further, Ogbonna noted ongoing negotiations for additional acquisitions of Standard Chartered Bank’s subsidiaries in Cameroon, Gambia, and its consumer banking operations in Tanzania.
The acquisition of Standard Chartered’s operations in Angola and Sierra Leone represents Access Bank’s strategic maneuver to strengthen its position and increase market share in the African banking sector. This move aligns with Access Bank’s vision of becoming the preeminent African banking institution on the global stage. Moreover, the anticipated acquisitions in three other African countries highlight the Bank’s commitment to growth and operational expansions through strategic partnerships and integrated banking solutions. Access Holdings’ current reach, with over 700 branches worldwide serving over 60 million customers, underlines its capability to undertake such expansions.
Access Bank’s successful acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone is a strategic milestone, reinforcing its commitment to enhancing its banking footprint in Africa. The ongoing discussions for acquiring further assets in other countries underscore Access Bank’s ambition to solidify its status as a leading financial institution on the continent. Stakeholders can expect continuous updates as these transactions progress, reflecting the Bank’s transparent approach to its growth initiatives.
Original Source: thewillnews.com
