Access Bank Finalizes Acquisition of Standard Chartered in Angola and Sierra Leone
Access Bank Plc has finalized its acquisition of Standard Chartered Bank in Angola and Sierra Leone, as announced on July 14, 2023. CEO Mr. Roosevelt Ogbonna highlighted the positive implications for corporate and SME banking in these regions. The bank is also preparing to acquire additional Standard Chartered subsidiaries in other African nations.
Access Bank Plc has officially completed its acquisition of Standard Chartered Bank’s operations in both Angola and Sierra Leone, as detailed in a regulatory filing to the Nigerian Exchange. The announcement came on July 14, 2023, and was communicated by Mr. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank. He expressed satisfaction over the achievement of these significant acquisitions, highlighting that they will enhance the quality of earnings through an expanded share of corporate and SME banking in these markets. Furthermore, he noted ongoing efforts towards acquiring Standard Chartered Bank’s subsidiaries in additional countries, including Cameroon and the Gambia, along with its consumer and business banking sectors in Tanzania.
The recent acquisition by Access Bank of Standard Chartered Bank marks a strategic move aimed at enhancing its market presence across Africa. This transaction is part of Access Bank’s broader objectives to expand its footprint and influence in the banking sector while pursuing synergies that can drive profitability in corporate and SME banking. The acquisition aligns with the bank’s vision of becoming the most respected African banking institution and reflects a commitment to developing its operational strategy in key markets on the continent.
In conclusion, the completion of Access Bank’s acquisition of Standard Chartered in Angola and Sierra Leone represents a pivotal moment for the bank as it continues to expand its operations in Africa. The integration of these acquisitions is expected to significantly enhance Access Bank’s market share and earning capabilities, contributing to its overarching goal of being a leading financial institution in the region. This move is also indicative of Access Bank’s commitment to continuous growth and strategic expansion through partnerships and acquisitions.
Original Source: dmarketforces.com
