Access Holdings announced that its flagship subsidiary, Access Bank Plc, has acquired regulatory permission from the Central Bank of Angola for the acquisition of a majority ownership share in Finibanco, an Angolan bank.
Sunday Ekwochi, the company secretary, said this in a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday.
Finibanco is a full-service commercial bank with over 20 locations and over $300 million in total assets in Angola.
The organisation, in October 2022, had said it would buy an equity stake of 51 percent in Finibanco.
The bank said the transaction would be effected through the purchase of existing shares owned by Montepio — the holding company for Banco Montepio, one of Portugal’s commercial banks.
Giving updates on the deal, Ekwochi said the Access Bank intends to acquire a total shareholding of over 80 percent at the end of the transaction, by buying additional shares from minority shareholders.
He said the Central Bank of Nigeria (CBN) had approved the transaction.
Ekwochi added that the bank expects to receive the approval of the Angolan counterpart authority in the coming days, “which would complete the requirements for regulatory approvals for the transaction, enabling the bank to initiate completion of other customary conditions precedents to close the transaction”.
“The bank has also signed agreements with minority shareholders of Finibanco Angola S.A. who have expressed an interest to sell their shares concurrently and targets to attain a total shareholding above 80 percent in Finibanco Angola S.A. at the completion of the transaction,” the statement reads.
Commenting on the development, Herbert Wigwe, group chief executive officer (GCEO), Access Holdings, said the organisation is pleased to be well-positioned to “join the select league of banks providing high-value financial services to high-growth businesses and the rising consumer sector in Angola”.
“The bank brings a lot of value-add and expertise that will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola, while complementing our strategic growth objectives in the broader SADC region,” he said.