Access Holdings successfully completes the acquisition of Standard Chartered Bank’s operations in Angola, expanding its footprint in Africa.
Access Holdings has successfully finalized the acquisition of Standard Chartered Bank’s operations in Angola, marking a significant milestone with the transfer of banking assets to its commercial banking division, Access Bank.
This transaction, initially announced four months prior, was confirmed in a statement from Access Holdings on Wednesday.
The acquisition enhances Access Bank’s footprint in Africa, with the Angolan market representing a valuable addition to its growing portfolio.
Furthermore, the completion of transactions for StanChart’s subsidiaries in The Gambia, Cameroon, and its consumer and private banking operations in Tanzania is anticipated soon, further solidifying Access Bank’s presence across the continent.
According to Access Bank’s CEO, Roosevelt Ogbonna, these acquisitions are expected to improve earnings quality by increasing the bank’s share in Corporate and SME banking within these markets.
Mr. Ogbonna emphasized that these developments are pivotal to the bank’s vision of becoming the World’s Most Respected African Bank.
As the largest lender in West Africa by assets, Access Bank is strategically expanding into Southern Africa, a region recognized for its lucrative banking opportunities.
Acquiring StanChart’s unit in Angola, the continent’s leading oil producer, is crucial for strengthening its market position and achieving its goal of ranking among the top banks in the country in the coming years.
Access Bank already operates a local subsidiary, Access Bank Plc, in Angola.
The decision by StanChart to divest a significant portion of its banking assets aligns with Access Holdings’ ambition to expand during a time when the African Continental Free Trade Area is facilitating unprecedented trade opportunities within the continent.
A financial institution based in London announced on Wednesday that it is evaluating the potential sale of its wealth and retail banking divisions in Zambia, Botswana, and Uganda to support further investment in its prominent wealth management sector.
In October, Mr. Ogbonna mentioned in a discussion with journalists that Access Bank plans to launch its first dollar bond in two phases in Nigeria starting next year.
