Access Bank Plc has successfully finalised the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, the financial institution announced on Wednesday.
The milestone, confirmed in a statement signed by company secretary Sunday Ekwochi, follows a July 2023 agreement between Access Bank and Standard Chartered to acquire the latter’s operations in five African countries.
The deal includes Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its consumer, private, and business banking operations in Tanzania.
With regulatory approvals secured, Access Bank has now completed the Angola and Sierra Leone transactions. “These acquisitions provide synergies that will enhance our earnings quality and expand our corporate and SME banking footprint in these markets,” said Roosevelt Ogbonna, Managing Director and Group CEO of Access Bank.
The bank continues efforts to conclude the remaining transactions in Cameroon, The Gambia, and Tanzania. Meanwhile, its UK subsidiary is pursuing a majority stake in AfrAsia Bank in Mauritius, the fourth-largest bank in the country by assets, valued at $5.7 billion as of mid-2024.
Access Bank UK plans to use Mauritius as a strategic hub for trade finance, corporate banking, and wealth management services, underscoring the parent company’s ambition to solidify its presence as a leading African financial institution on the global stage.
These developments are part of Access Bank’s aggressive expansion strategy, which aims to extend its operations across the African continent and beyond.