Access Bank Expands Footprint with Major Acquisitions
Access Bank Plc has officially completed its acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone, marking a critical milestone in its African growth strategy.
The bank, one of Nigeria’s leading financial institutions, announced the development in a regulatory filing on the Nigerian Exchange (NGX). The Managing Director/Chief Executive Officer of Access Bank, Mr. Roosevelt Ogbonna, confirmed the successful transaction in a notification shared on Wednesday.
“We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone,” Ogbonna stated. “This affords us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets.”
The strategic acquisitions underline Access Bank’s commitment to broadening its influence across Africa. With these additions, the institution moves closer to its long-term ambition of becoming “the World’s Most Respected African Bank.”
Ogbonna further revealed that the bank is actively working on finalizing similar transactions in Cameroon, the Gambia, and Tanzania. The deals involve the acquisition of Standard Chartered Bank’s subsidiaries in these nations, including its consumer, private, and business banking operations in Tanzania.
“These combinations represent another significant step toward our broader vision,” Ogbonna added, emphasizing the importance of the bank’s efforts to solidify its presence in high-growth markets.
Access Bank, under its parent company Access Holdings, continues to grow its footprint. The bank operates a network of over 700 branches and service outlets across three continents, 23 countries, and serves more than 60 million customers globally.
Market analysts view this expansion as a major leap for Access Bank in consolidating its position in Africa’s financial sector. The move also underscores its focus on enhancing revenue streams, particularly in corporate and small-to-medium enterprise (SME) banking segments.
As Ogbonna assured, Access Holdings will maintain transparency and provide timely updates as the remaining transactions progress.
The acquisitions come at a time when Access Bank is focused on leveraging synergies and creating value for stakeholders while aligning with its broader strategic vision. With these significant steps, the bank is poised to solidify its reputation as a dominant player in the African banking industry. Senate Protests FIRS Chair’s Entry Over Tax Bill Debate
