Access Bank Finalizes Acquisition of Standard Chartered in Angola and Sierra Leone

Access Bank Plc has completed its acquisition of Standard Chartered Bank in Angola and Sierra Leone, previously announced on July 14, 2023. CEO Roosevelt Ogbonna confirmed the deal, which aims to enhance Access Bank’s corporate and SME banking presence in these markets. Further acquisitions of Standard Chartered’s subsidiaries in Cameroon, The Gambia, and Tanzania are also in progress, reinforcing Access Bank’s commitment to growth in Africa.

Access Bank Plc has officially finalized its acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone. This crucial transaction, which was previously announced on July 14, 2023, was communicated through a regulatory filing with the Nigerian Exchange Ltd. The Chief Executive Officer of Access Bank, Mr. Roosevelt Ogbonna, expressed optimism regarding the successful completion of the acquisitions, asserting that they will enhance the bank’s ability to grow its presence in the corporate and small to medium-sized enterprise (SME) banking sectors within these regions.

The integration of Standard Chartered’s assets in these markets is viewed as a vital step in Access Bank’s aspiration to position itself as the premier African bank on a global scale. Mr. Ogbonna further indicated that negotiations are underway for Access Bank to acquire Standard Chartered’s subsidiaries located in Cameroon and The Gambia, alongside its consumer, private, and business banking activities in Tanzania.

Access Holdings continues to operate with a robust network exceeding 700 branches and service outlets across 23 countries, catering to over 60 million customers worldwide. Mr. Ogbonna reassured stakeholders that the bank would maintain transparency, providing further disclosures as necessary as the integration process unfolds.

Access Bank, a prominent financial institution in Nigeria, has significantly expanded its operations across Africa and beyond through strategic acquisitions. The completion of the acquisition of Standard Chartered Bank’s divisions in Angola and Sierra Leone is part of Access Bank’s broader strategy to enhance its market presence and augment its service offerings in key regions. The ongoing negotiations for additional acquisitions in Cameroon, The Gambia, and Tanzania underscore the bank’s commitment to regional growth and market penetration within the African banking sector.

In conclusion, Access Bank’s acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone marks a strategic milestone in the bank’s growth trajectory. This move not only bolsters Access Bank’s market share in these regions but also aligns with its vision of becoming the world’s foremost respected African bank. The ongoing activities for further acquisitions reflect the bank’s robust expansion strategy and commitment to enhancing its service offerings across the African continent.

Original Source: dmarketforces.com

Anaya Williams

Anaya Williams is an award-winning journalist with a focus on civil rights and social equity. Holding degrees from Howard University, she has spent the last 10 years reporting on significant social movements and their implications. Anaya is lauded for her powerful narrative style, which combines personal stories with hard-hitting facts, allowing her to engage a diverse audience and promote important discussions.

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