Access Bank gets approval for majority stake acquisition in Finibanco Angola

Access Holdings Plc has announced that its flagship subsidiary,  Access Bank Plc, has received regulatory approval from the Central Bank of Angola, Banco Nacional de Angola, for the acquisition of a majority equity stake in Finibanco Angola S.A.

This was contained in the group’s notice to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.

CBN previously approved

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% in Finibanco Angola S.A. at the completion of the transaction.

Commenting on the recent development, Dr. Herbert Wigwe, Group Chief Executive Officer of Access Holdings, 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-added 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.”

Access Holdings Plc disclosed last year that its wholly owned subsidiary, Access Bank, has entered into a binding agreement with Montepio Holding SGPS S.A. to acquire a 51 per cent majority shareholding in Finibanco Angola S.A.

Finibanco Angola S.A. is a profitable, well-capitalised, full-service commercial bank with over 20 branches and around $300 million in total assets that has operated in Angola since 2008.

Access Holding, in a statement, disclosed that the transaction would be affected via the purchase of existing shares owned by Montepio, the holding company for Banco Montepio, one of Portugal’s well-established commercial banks.