Access Bank expands African presence with acquisition of Standard Chartered Bank Angola, Sierra Leone

Onome Amuge

Access Holdings Plc, has announced that its flagship subsidiary, Access Bank Plc, has successfully completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited, further consolidating its presence in the African continent. 

The development, the bank stated, is in furtherance to its  July 14, 2023 announcement regarding the  subject. 

Commenting on the completion milestone, Roosevelt Ogbonna, the MD/CEO of Access Bank PLC and CEO of the Banking Group expressed  pleasure over the successful conclusion of the  two important acquisitions in Angola and Sierra Leone. This, he said, affords the banking group the synergies to strengthen the quality of its earnings from both countries by significantly growing its share of the Corporate and SME banking in the two markets. 

“The combinations represent another significant step towards our broader vision of becoming the World’s Most Respected African Bank,” Ogbona stated. 

Access Holdings, in a statement by Sunday Ekwochi, the company secretary, explained that the parties are working on the completion of transactions that would see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon,  the Gambia and its Consumer, Private and Business Banking business in Tanzania.

“Access Holdings shall continue to make disclosures as and when required,” the statement added.