Access Bank, a subsidiary of Access Holdings Plc, has announced plans to acquire majority stakes in Standard Chartered Bank’s subsidiaries in four African countries.
Access Holdings, the holding company of the bank, disclosed this information in a regulatory filing with the Nigerian Exchange Limited.
The proposed acquisition includes Standard Chartered’s operations in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its Consumer, Private & Business Banking business in Tanzania.
As part of its expansion strategy, Access Bank has also reached a definitive agreement to acquire a majority equity stake in African Banking Corporation (Tanzania) Limited (“BancABC Tanzania”). This move is aimed at strengthening Access Bank’s operations in both existing and new African markets, positioning the bank as a leading financial institution on the continent.
BancABC Tanzania, a full-service commercial bank with a successful track record spanning over two decades in Tanzania, is expected to enhance Access Bank’s CPBB business and contribute to the realization of its growth plan across Africa.
Access Bank has made significant progress in integration planning for these transactions and will work closely with Standard Chartered and BancABC Tanzania in the coming months to ensure a seamless integration process. The transactions are projected to be completed within the next 12 months.
READ ALSO: Why Threads Is A Bigger Deal Than It Seems
The acquisition of BancABC Tanzania has already received approval from Tanzania’s banking regulator, and further regulatory approvals, including from the Central Bank of Nigeria, are expected in due course.
Roosevelt Ogbonna, the Managing Director of Access Bank Plc, emphasized the importance of these transactions, stating, “For Access Bank, these acquisitions mark a significant milestone in our quest to establish a robust global franchise. We are committed to facilitating payments, investment, and trade within Africa and between Africa and the rest of the world. Our vision is to become the World’s Most Respected African Bank.
Through our five-year growth plan, we will develop a world-class payments gateway, leveraging technology and fostering local and international partnerships. This will enable us to efficiently facilitate global payments and remittances while bridging the gap between cross-border and domestic transfers across all business segments. Additionally, we are dedicated to making a positive impact on our host communities.”
Herbert Wigwe, the Group Chief Executive of Access Holdings, highlighted the strategic significance of these transactions for Access Bank’s overall strategy, stating, “These transactions represent a significant leap forward for Access Bank and reaffirm our commitment to strengthening our presence across Sub-Saharan Africa.
“We aim to capitalize on synergistic opportunities for sustainable income diversification and profitability. Our five-year strategy envisions our banking subsidiary emerging as a true leader in banking services across the African continent.”
Exotix Advisory served as the Financial Adviser, while DLA Piper acted as the Legal Adviser to Access Bank for the Standard Chartered transaction.