Access Bank expands footprint in Africa with acquisition of Standard Chartered Bank subsidiaries

Stanley Ihedigbo

Access Bank Group, has announced the completion of its acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.

This development follows the company’s initial announcement on July 14, 2023, regarding the planned acquisition.

The acquisition marks a significant milestone in Access Bank’s expansion strategy, as it seeks to consolidate its position as a leading financial services provider in Africa.

The move is expected to enhance the bank’s footprint in the continent, while also providing opportunities for growth and development.

With the completion of the acquisition, Access Bank has reaffirmed its commitment to expanding its operations in Africa, while also promoting economic growth and development in the region.

Commenting on the completion milestone, Managing Director/Chief Executive Officer, Access Bank and Chief Executive Officer, Banking Group, Roosevelt Ogbonna, said: ‘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 by significantly growing our share of the Corporate and SME banking in the two markets. The combinations represent another significant step towards our broader vision of becoming the World’s Most Respected African Bank.’

The parties are working on the completion of transactions that would see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon,  the Gambia, and its Consumer, Private, and Business Banking business in Tanzania.

Access Holdings shall continue to make disclosures as and when required.

Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries, and over 60 million customers.