May 04, (THEWILL) – Access Holdings Plc said its flagship subsidiary, Access Bank Plc, has received regulatory approval from the Central Bank of Angola, Banco Nacional de Angola, for the acquisition of majority equity stake in Finibanco Angola S.A.
The bank has moved further to seal a deal with interested minority shareholders of Finibanco to acquire their shares.
This would give the Nigerian bank 80 per cent of the shares of the $300 million worth bank in assets and has 20 branches.
Access had announced in October 2022, that it plans to acquire 51 per cent shares of majority shareholder, Montepio – the Holding Company for Banco Montepio.
A statement issued by Access Holdings’ Company Secretary, Sunday Ekwochi, said the Central Bank of Nigeria (CBN) had previously granted its approval to the transaction and that the bank expected to receive the approval of the Angolan Competition Authority in the coming days, which would complete the requirements for regulatory approvals for the transaction, enabling the bank to initiate completion of other customary conditions precedents to close the transaction.
The statement said the bank had also signed agreements with minority shareholders of Finibanco Angola S.A., who had expressed interest to sell their shares concurrently and targeted to attain a total shareholding above 80% in Finibanco Angola S.A. at the completion of the Transaction.
Commenting on the recent development, Dr. Herbert Wigwe, Group Chief Executive Officer, Access Holdings, said: “We are pleased to be well-positioned to join the select league of banks providing high-value financial services to high-growth businesses and the rising consumer sector in Angola.
“The Bank brings a lot of value-add and expertise that will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola, while complementing our strategic growth objectives in the broader SADC region.”
