Access Bank Plc, a wholly owned subsidiary of Access Holdings Plc has announced plans to acquire a 51% majority shareholding in Finibanco Angola S.A.
In a filing addressed to the Exchange and signed by its Company Secretary, Sunday Ekwochi, on Tuesday, the bank said it entered into a binding agreement with Montepio Holdings SGPS S.A for the transaction.
It also described Finibanco Angola as “a profitable, well-capitalised full-service commercial bank with over 20 branches and around US$300 million in total assets that has operated in Angola since 2008.”
It added that “The Transaction will be effected via the purchase of existing shares owned by Montepio-the holding company for Banco Montepio, one of Portugal’s well-established commercial banks.”
The filing, titled: “Proposed Acquisition of Majority Equity Stake in Angolan-Based Finbanco S.A by Access Bank PLC,” was also posted on the bank’s official website.
It reads further: “The Angolan market as the 6th largest economy in Africa and the 7th largest country overall, with a vast and diversified natural resource base and a growing population represents a strong potential for the bank’s growth aspirations.
“The Transaction furthers the bank’s strategy to be Africa’s payment gateway to the world and the prospective operation is expected to contribute strongly to the Bank’s overall growth path and financial results over the long-term.”
Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges.
Ekwochi also said the transaction, which is subject to regulatory approvals in Nigeria and Angola, is expected to close in the first half of 2023, following fulfilment of customary conditions precedents.
He added that “The Bank will provide further update to the market on the proposed transaction in due course.”
Commenting on the transaction, the Group Chief Executive Officer, Access Corporation, Dr. Herbert Wigwe, was quoted as saying: “At Access, our vision remains clear as ever and our determination to harness accretive opportunities within and outside Nigeria is our core strategic focus.
“Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges.
“We remain committed to making these disciplined and well-structured investments towards creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.”
