Access Holdings Plc, trading as Access Corporation, has announced its planned acquisition of majority equity stake in Angolan-based Finibanco S.A by Access Bank Plc.<\/p>\n\n\n\n
Mr Sunday Ekwochi, the Company\u2019s Secretary, said in a statement on Tuesday that the transaction would be effected via the purchase of existing shares owned by Montepio-the Holding Company for Banco Montepio, one of Portugal\u2019s commercial banks.<\/p>\n\n\n\n
\u201cAccess Holdings Plc, trading as Access Corporation (\u2018the Corporation\u2019) today announces that its wholly owned subsidiary, Access Bank Plc (the Bank) has entered into a binding agreement with Montepio Holding SGPS S.A (\u2018Montepio\u2019) to acquire a 51 per cent majority shareholding in Finibanco Angola S.A. (the Transaction).<\/p>\n\n\n\n
\u201cFinibanco Angola S.A. (Finibanco) is a profitable, well-capitalised full-service commercial bank with over 20 branches and around US$300 million in total assets that has operated in Angola since 2008.<\/p>\n\n\n\n
\u201cThe Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population represents a strong potential for the bank\u2019s growth aspiration.<\/p>\n\n\n\n
\u201cThe Transaction furthers the bank\u2019s strategy to be Africa\u2019s payment gateway to the world whilst working with other Africa-focused multilaterals to provide robust and efficient payment platforms and ecosystems to serve the continent,\u201d he said.<\/p>\n\n\n\n
The secretary said that the prospective operation was expected to contribute strongly to the bank\u2019s overall growth path and financial results over the long-term.<\/p>\n\n\n\n
He also said the transaction, which was subject to regulatory approvals in Nigeria and Angola was expected to close in the first half of 2023, following fulfillment of customary conditions precedents.<\/p>\n\n\n\n
According to him, upon completion of the transaction, the bank is expected to increase its shareholding in Finibanco S.A and will reach certain conditional agreements in this regard.<\/p>\n\n\n\n
Commenting on the transaction, Dr Herbert Wigwe, Group Chief Executive Officer of the Corporation said, \u201cAt Access, our vision remains clear as ever and our determination to harness accretive opportunities within and outside Nigeria is our core strategic focus.<\/p>\n\n\n\n
\u201cAngola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges.<\/p>\n\n\n\n
\u201cWe remain committed to making these disciplined and well-structured investments towards creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.\u201d<\/p>\n\n\n\n
He added that the corporation would continue to update the market on the transaction in line with its disclosure obligations.<\/p>\n\n\n
Access Holdings Plc, trading as Access Corporation, has announced its planned acquisition of majority equity stake in Angolan-based Finibanco S.A by Access Bank Plc. Mr Sunday Ekwochi, the Company\u2019s Secretary, said in a statement on Tuesday that the transaction would be effected via the purchase of existing shares owned by Montepio-the Holding Company for Banco […]<\/p>\n","protected":false},"author":2,"featured_media":20222,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949,125],"tags":[492],"class_list":["post-45771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-finance-money","tag-access-bank","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n