Access Bank Plc has successfully acquired Standard Chartered Bank’s operations in Angola and Sierra Leone, following the latter’s decision to exit several markets. The agreement enhances Access Bank’s earnings potential and market share in corporate and SME banking. Further acquisitions are planned in Cameroon, the Gambia, and Tanzania, as Access Bank aims to solidify its position in sub-Saharan Africa.
Access Bank Plc has successfully finalized the acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone. This move follows Standard Chartered’s decision announced in April 2022 to exit from seven countries across Africa and the Middle East to streamline its business focus. The agreement for the purchase was formalized on July 23, 2023, and Access Bank has now confirmed the completion of this strategic acquisition, underscoring its growth ambitions in sub-Saharan Africa.
Through a recent corporate filing, Access Holdings expressed satisfaction with this significant milestone. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, noted that these acquisitions would enhance the bank’s earnings potential by increasing its market share in corporate and small to medium-sized enterprise (SME) banking within these regions. Ogbonna stated, “We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries.”
The bank’s strategic expansion does not end here; both Access Bank and Standard Chartered are currently engaged in discussions to complete additional transactions involving other subsidiaries in Cameroon, the Gambia, and Tanzania. Furthermore, Access Holdings recently announced the acquisition of a majority stake in Afrasia Bank Limited, marking another pivotal step in its growth strategy in the African banking sector.
The acquisition of Standard Chartered Bank’s subsidiaries marks a crucial development for Access Bank, which aims to consolidate its position in the African banking landscape. Originally, Standard Chartered announced its intention to exit several markets in Africa and the Middle East in a bid to refocus its operations. The acquisition is part of Access Bank’s broader plan to enhance its footprint and deepen its services in underserved markets, optimizing operational synergies and improving financial performance.
In conclusion, Access Bank’s acquisition of Standard Chartered’s subsidiaries in Angola and Sierra Leone represents a strategic initiative to bolster its presence in sub-Saharan Africa. With projected enhancements to its earnings and market share in corporate and SME banking, this endeavor moves the bank closer to its vision of becoming “the World’s Most Respected African Bank.” Additional efforts to acquire further assets in the region reflect Access Bank’s ongoing commitment to growth and market expansion.
Original Source: www.thecable.ng
