Access Bank Plc has completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, aiming to enhance its corporate and SME banking services. CEO Roosevelt Ogbonna expressed confidence in this strategic move, which is part of a larger plan that includes further acquisitions in Cameroon, the Gambia, and Tanzania.
Access Bank Plc has successfully completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank, announced this development in a notification to the Nigerian Exchange Limited on Wednesday. He expressed satisfaction with the completion of these significant acquisitions, which are expected to enhance the bank’s earnings quality and increase its market share in corporate and SME banking within these two nations.
The recent acquisition marks a strategic move for Access Bank Plc as part of its ambitions to expand its footprint across Africa. This transition is pivotal, positioning Access Bank to tap into new markets and customer bases in Angola and Sierra Leone. Furthermore, plans are underway for Access Bank to acquire more subsidiaries of Standard Chartered, specifically in Cameroon, the Gambia, and segments of its business in Tanzania, indicating a robust expansion strategy within the continent.
In conclusion, the successful acquisition of Standard Chartered’s operations in Angola and Sierra Leone illustrates Access Bank’s commitment to enhancing its market presence and profitability across Africa. The anticipated growth in corporate and SME banking will not only improve earnings but also solidify Access Bank’s objective of becoming a globally respected financial institution. Continuous updates from Access Holdings will provide stakeholders with insights into ongoing developments as the bank expands further.
Original Source: thewillnews.com
