Access Bank Finalizes Acquisition of Standard Chartered Bank in Angola and Sierra Leone
Access Holdings Plc has completed its acquisition of Standard Chartered Bank Angola and Sierra Leone through its subsidiary, Access Bank Plc. The CEO, Roosevelt Ogbonna, emphasized the benefits expected from this acquisition, particularly in the Corporate and SME banking sectors. Further acquisitions in Cameroon, The Gambia, and Tanzania are also in the pipeline as part of the bank’s growth strategy.
Access Holdings Plc has successfully finalized its acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited, marking a significant milestone for its subsidiary, Access Bank Plc. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank, expressed satisfaction with the achievement, highlighting the anticipated synergies that will enhance earnings from operations in these regions. The bank aims to substantially increase its presence in Corporate and SME banking within both nations.
Furthermore, discussions are underway for Access Bank to acquire additional Standard Chartered Bank subsidiaries, specifically in Cameroon, The Gambia, and its Consumer, Private, and Business Banking segments in Tanzania. These strategic moves are aligned with Access Bank’s broader ambition of establishing itself as the most respected African banking institution on a global scale.
Access Bank has been broadening its footprint across Africa through strategic acquisitions. By purchasing the subsidiaries of Standard Chartered Bank in Angola and Sierra Leone, Access Bank seeks to enhance its operations and earnings in these markets. This acquisition is pivotal as it allows Access Bank to strengthen its offerings in Corporate and SME banking, thereby improving its competitive position and fulfilling its long-term vision. The planned acquisitions of additional Standard Chartered assets further indicate Access Bank’s commitment to expanding its influence throughout the continent.
In conclusion, Access Bank’s acquisition of Standard Chartered Bank Angola and Sierra Leone represents a strategic enhancement of its banking operations in critical African markets. The company’s leadership is focused on leveraging these acquisitions to improve earnings and market share in the Corporate and SME sectors, with further expansions planned in other African countries. This development is a pivotal step in Access Bank’s quest to become a leading financial institution on the continent.
Original Source: www.thisdaylive.com
