Access Holdings Plc has successfully acquired Standard Chartered Bank Angola and Sierra Leone through its subsidiary, Access Bank Plc. The acquisitions will enhance earnings quality and increase market share in corporate and SME banking. Discussions for further acquisitions in Cameroon, Gambia, and Tanzania are underway.
Access Holdings Plc has confirmed that its subsidiary, Access Bank Plc, has successfully completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited. This acquisition is aimed at enhancing Access Bank’s position within these markets and increasing its share of Corporate and SME banking.
In a statement regarding this significant milestone, Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, expressed satisfaction with the acquisitions, highlighting their strategic importance in driving synergies that are expected to improve the earnings quality of Access Bank in Angola and Sierra Leone. Furthermore, Mr. Ogbonna noted, “We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone.”
He added that these acquisitions represent a crucial step towards Access Bank’s vision of becoming the most respected African bank globally. Moreover, discussions are ongoing regarding further acquisitions, which would include Standard Chartered Bank’s subsidiaries in Cameroon, Gambia, and its Consumer, Private, and Business Banking operations in Tanzania.
The recent acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone marks a strategic move by Access Bank to expand its operations and influence within the African banking sector. By strengthening its presence in these countries, Access Bank seeks to leverage synergies that will enhance its service offerings to Corporate and Small-to-Medium Enterprises (SMEs). This acquisition forms part of a broader vision by Access Holdings to solidify its status as a leading bank in the African continent, with future plans for further acquisitions indicating aggressive growth strategies.
In summary, Access Bank’s acquisition of Standard Chartered Bank Angola and Sierra Leone represents a significant milestone in its growth strategy, aimed at bolstering its market presence and enhancing its profitability in these regions. With a clear vision for expansion, Access Bank is poised to increasingly influence the African banking landscape. The ongoing discussions regarding further acquisitions underscore the bank’s commitment to achieving its ambitious goals.
Original Source: www.thisdaylive.com
