Access Holdings has successfully acquired a majority stake in Finibanco Angola, as announced in a press release to the Nigeria Exchange Limited. The acquisition was made through Access Bank Plc, the flagship subsidiary of Access Holdings.
Dr. Herbert Wigwe, Group CEO of Access Holdings, expressed optimism about the transaction, stating the bank’s plans to leverage its distribution network, advanced technology, and risk and governance practises to serve Angola’s growing business and consumer sectors. The acquisition aims to foster innovation, promote financial sector development, and deliver value to stakeholders.
Access Holdings obtained regulatory approval from the Central Bank of Nigeria and the Angolan Competition Authority for the acquisition. The bank has also signed agreements with minority shareholders of Finibanco Angola S.A. who expressed interest in selling their shares. With the completion of the acquisition, Access Holdings now holds over a 51% stake in Finibanco Angola S.A.
Last year, Access Holdings’ subsidiary, Access Bank, entered into a binding agreement with Montepio Holding SGPS S.A. to acquire a 51% majority shareholding in Finibanco Angola S.A. The profitable and well-capitalised commercial bank has been operating in Angola since 2008, with over 20 branches and approximately $300 million in total assets.
