Access Bank PLC has completed the acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone. This acquisition aims to enhance Access Bank’s corporate and SME banking presence and earnings in these markets. Further acquisitions are anticipated in Cameroon, the Gambia, and Tanzania.
Access Bank PLC has successfully finalized its acquisition of Standard Chartered Bank subsidiaries in Angola and Sierra Leone. This strategic move aligns with Access Holdings PLC’s objective of expanding its market share within the corporate and SME banking sectors in these two nations. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank, emphasized the significance of these acquisitions in enhancing the quality of earnings and consolidating the Bank’s presence in Africa’s financial landscape. Furthermore, discussions are ongoing for potential acquisitions of Standard Chartered Bank’s entities in Cameroon, the Gambia, and Tanzania’s Consumer, Private, and Business Banking divisions.
The acquisition of Standard Chartered Bank’s subsidiaries by Access Bank signifies a significant milestone in Access Holdings PLC’s strategy to enhance its influence in key African markets. By taking control of Standard Chartered’s operations in Angola and Sierra Leone, Access Bank not only diversifies its portfolio but also aims to improve its earnings through increased engagement with corporate and small to medium enterprises. This move is part of a broader initiative to establish Access Bank as a prominent African banking entity on a global scale.
In conclusion, Access Holdings PLC’s completion of the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone marks a pivotal moment in its growth strategy. With aspirations to dominate the African banking sector, Access Bank is actively pursuing additional opportunities that promise further expansion within the region. This series of acquisitions highlights Access Bank’s commitment to becoming a respected financial institution on the global stage.
Original Source: championnews.com.ng
