Access Bank Receives Approval for Acquisition of Majority Stake in Finibanco Angola S.A.

Access Bank, the flagship subsidiary of Access Holdings Plc, has received regulatory approval from the Central Bank of Angola, Banco Nacional de Angola, for the acquisition of a majority equity stake in Finibanco Angola S.A.

The deal had been previously announced on October 4, 2022, and had already received approval from the Central Bank of Nigeria.

The acquisition of Finibanco Angola S.A. is a strategic move by Access Bank to expand its presence in the African banking sector. The bank is expecting to receive approval from the Angolan Competition Authority in the coming days, which would complete the requirements for regulatory approvals for the deal.

With the acquisition, Access Bank would attain a total shareholding of over 80 per cent in Finibanco Angola S.A. The bank has also signed agreements with minority shareholders of Finibanco Angola S.A. who had expressed interest in selling their shares concurrently.

The completion of this transaction is subject to the satisfaction of customary conditions precedent, and the lender is expected to initiate completion of these conditions soon.

Commenting on the acquisition, the Group Chief Executive Officer, Access Holdings, Dr. Herbert Wigwe, 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 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.”

This acquisition marks a significant milestone for Access Bank and underscores the bank’s commitment to expanding its presence across the African continent. The acquisition of Finibanco Angola S.A. is expected to enhance Access Bank’s operational capabilities and further cement its position as a leading player in the African banking industry.