Access Bank Plc has announced that its wholly-owned subsidiary, Access Bank Mozambique S.A. has concluded deal to acquire African Banking Corporation (Mocambique), S.A., BancABC Mozambique, a subsidiary of London stock exchange listed group, Atlas Mara Limited. This was contained in the corporate disclosure filed to the Nigerian Exchange Group and signed by company’s secretary, Sunday Ekwochi.
The deal -which will allow Access Mozambique to move towards integrating and merging BancABC Mozambique into its operations – is expected to push the bank to earn the seventh largest bank in the Mozambican banking market.
Herbert Wigwe, GMD/CEO, Access Bank said the development was necessary as a step to delivering strong returns on invested capital which is directed towards African expansion.
He Said, “we are pleased with the completion of this acquisition which significantly strengthens our banking franchise in Mozambique and represents a transformational step in our growth plan in the country and the broader Southern Africa region.
We are building the scale necessary to compete effectively and efficiently in key African markets outside Nigeria and ensure we sustainably deliver strong return on invested capital in our African expansion. Scale is an important contributor to returns and this transaction is consistent with our rigorous efforts to create a strong presence with scale across Africa, and in line with our vision to be the world’s most respected African bank.”