Access Bank Plc has completed the acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone, enhancing its corporate and SME banking services. Mr. Roosevelt Ogbonna, CEO of Access Bank, announced this milestone, emphasizing the strategic advantages and synergies gained. Future acquisitions in Cameroon, the Gambia, and Tanzania are also planned as part of Access Bank’s expansion strategy.
Access Bank Plc has successfully finalized its acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone. The announcement, made on July 14, 2023, through a regulatory filing on the Nigerian Exchange, marks a significant milestone for the bank. Mr. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank, communicated this development to the Nigerian Exchange Limited in Lagos, highlighting the strategic advantages of the acquisition.
Mr. Ogbonna expressed satisfaction with the completion of these acquisitions, stating that they enable Access Bank to enhance its earnings quality by expanding its presence in the corporate and SME banking sectors of Angola and Sierra Leone. He remarked, “We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone. This affords us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets.”
Furthermore, he indicated that Access Bank is in the process of acquiring Standard Chartered Bank’s subsidiaries in additional countries such as Cameroon, the Gambia, and its consumer, private, and business banking operations in Tanzania. Access Holdings, the parent company of Access Bank, aims to maintain transparency by continuing to provide necessary disclosures. Currently, Access Holdings operates an extensive network comprising more than 700 branches and service outlets, covering three continents and 23 countries, with a customer base exceeding 60 million people.
In a strategic move to bolster its position in the African banking sector, Access Bank Plc has completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone. This initiative is part of Access Bank’s broader strategy to expand its footprint across Africa and enhance its services in key markets. With a growing number of acquisitions planned in various African nations, Access Bank seeks to strengthen its operational synergies and improve overall service delivery to its customers in the region.
In conclusion, Access Bank Plc’s acquisition of Standard Chartered Bank in Angola and Sierra Leone represents a pivotal advancement in its goal to strengthen its market presence and enhance earnings from corporate and SME banking. The anticipated future acquisitions further reflect Access Bank’s commitment to establishing itself as a significant player in the African banking landscape. This strategic direction aligns with Access Bank’s vision of becoming the World’s Most Respected African Bank.
Original Source: dmarketforces.com
