Access Gets Approval To Acquire Majority Stake In Angolan Bank

Access Bank Plc has gotten the approval of the Central Bank of Angola, Banco Nacional de Angola for the acquisition of a majority equity stake in Finibanco Angola S.A.
This was made known through a corporate notice filed on the Nigerian Exchange Limited on Wednesday.
According to the statement signed by Mr. Sunday Ekwochi, the company secretary, the Central Bank of Nigeria had previously granted its approval to the transaction, and the bank expects to receive the approval of the Angolan Competition Authority in the coming days, which would complete the requirements for regulatory approvals for the transaction, enabling the bank to initiate the completion of other customary conditions precedents to close the transaction.
The group noted that the bank has also signed agreements with minority shareholders of Finibanco Angola S.A. who have expressed an interest in selling their shares currently and target attaining a total shareholding above 80 per cent in Finibanco Angola S.A. at the completion of the transaction.
Speaking on the development, the Group Chief Executive Officer, Access Holdings, Dr. Herbert Wigwe, said, “We are pleased to be well-positioned to join the select league of banks providing high-value financial services to high-growth businesses and the rising consumer sector in Angola.
“The bank brings a lot of value-add and expertise that will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola while complementing our strategic growth objectives in the broader SADC region.”