Access Bank Finalises Acquisition Of Standard Chartered Bank’s Subsidiaries

Access Bank Plc has announced the successful completion of its acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone.

This was disclosed in a statement released recently and signed by the company Secretary, Sunday Ekwochi.

This development follows agreements signed in July 2023 between Access Bank and Standard Chartered Bank for the acquisition of Standard Chartered’s shareholdings in Angola, Cameroon, The Gambia, Sierra Leone, and its Consumer, Private, and Business Banking business in Tanzania. Each of these transactions was subject to approval by local regulators in the respective countries, as well as by Nigeria’s banking regulator.

In its statement, Access Bank confirmed that it has completed two of the five transactions, marking a significant expansion of its footprint in Africa.

The Managing Director (MD)\ Chief Executive Officer (CEO) of Access Bank Plc, Mr. Roosevelt Ogbonna, expressed satisfaction with the progress, stating: “We are pleased to have successfully concluded two 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 corporate and SME banking in the two markets.”

Mr. Ogbonna further highlighted the strategic significance of these acquisitions, describing them as critical steps in Access Bank’s vision to become the most respected African bank on the global stage.

The bank is still working towards the completion of transactions for Standard Chartered’s subsidiaries in Cameroon, The Gambia, and its consumer, private, and business banking operations in Tanzania.

Access Bank’s recent acquisitions are part of a larger strategy to expand its operational presence across Africa and beyond. In addition to the Standard Chartered deals, Access Bank UK, a subsidiary of Access Holdings, has entered into an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius with total assets of $5.7 billion as of mid-2024.

Access Bank UK plans to utilise Mauritius as a strategic hub for trade finance, wealth management, and corporate banking services, further strengthening the group’s international presence and influence.