Access Bank Plc has completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, furthering its expansion in sub-Saharan Africa. The move is part of Access Bank’s strategy to enhance its corporate and SME banking, with plans for additional acquisitions in other regions. Roosevelt Ogbonna emphasized the positive impact on the bank’s earnings and market position.
Access Bank Plc has finalized its acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone. This strategic move follows Standard Chartered’s announcement in April 2022 regarding its decision to exit operations in seven countries across Africa and the Middle East to streamline its business model. On July 23, 2023, Access Bank reached an agreement to proceed with the acquisition, marking a significant expansion in its operational footprint in sub-Saharan Africa.
In a communication to investors presented on the Nigerian Exchange Limited (NGX), Access Holdings confirmed the completion of the takeover. The organization expressed confidence that this acquisition will significantly bolster its earnings from both nations by enhancing its corporate and SME banking capabilities. Roosevelt Ogbonna, the managing director and chief executive officer of Access Bank Plc, noted, “We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries.”
Furthermore, Access Bank is actively pursuing additional acquisitions, which include Standard Chartered Bank’s subsidiaries in Cameroon and The Gambia, as well as its Consumer, Private, and Business Banking operations in Tanzania. Additionally, they recently announced an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius by asset size.
Access Bank’s acquisition of Standard Chartered Bank’s subsidiaries marks a critical strategy in its expansion efforts throughout Africa. With the banking industry undergoing significant consolidation, Access Bank aims to leverage the obtained assets to increase its market share and enhance operational efficiencies. This move follows Standard Chartered’s strategic decision to exit certain markets, allowing Access Bank to strengthen its presence in Angola and Sierra Leone effectively. The broader implications of these acquisitions reflect shifting dynamics in the African banking sector, where establishments are looking to fortify their market positions amidst changing economic landscapes.
In conclusion, the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone represents a strategic advancement for Access Bank Plc, reinforcing its commitment to becoming a prominent player in the African banking industry. The announcement indicates a robust growth trajectory, with plans for further acquisitions that will enhance its service offerings and market presence. Roosevelt Ogbonna’s optimistic outlook on the acquisitions underscores Access Bank’s vision of achieving revered status as an influential African financial institution.
Original Source: www.thecable.ng
