Access Holdings, yesterday, said its subsidiary, Access Bank Plc, has received regulatory approval from the Central Bank of Angola for the acquisition of a majority equity stake in Finibanco, an Angolan Bank.
This was disclosed by the Company Secretary, Sunday Ekwochi, in a filing to the Nigerian Exchange Limited (NGX).
Access Bank had in October last year expressed an interest to buy an equity stake of 51% in Finibanco, a full-service commercial bank with over 20 branches and around $300 million in total assets in Angola.
The bank said the transaction would be executed through the purchase of existing shares owned by Montepio — the holding company for Banco Montepio, one of Portugal’s commercial banks.
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…
Explaining further, Ekwochi said Access Bank intends to acquire a total shareholding of over 80% at the end of the transaction, by buying additional shares from minority shareholders.
He said the Central Bank of Nigeria (CBN) had approved the transaction, while the bank awaits approval of the Angolan counterpart authority in the coming days.
This, he said, “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 bank has also signed agreements with minority shareholders of Finibanco Angola S.A. who have expressed an interest to sell their shares concurrently and targets to attain a total shareholding above 80 percent in Finibanco Angola S.A. at the completion of the transaction,” the statement reads.
Commenting on the development, Group Chief Executive Officer (GCEO), Access Holdings, Herbert Wigwe, was quoted as saying that Access is 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,” he said.
