Access Bank completes acquisitions of Standard Chartered bank subsidiaries

Access Bank completes acquisitions of Standard Chartered bank subsidiaries

By Fly Cable News

Access Holdings Plc has
completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank, Sierra Leone, Fly Cable News reports.

The Head of Media Relations of Access Holdings, Mr. Olakunle Aderinokun made this known on Wednesday.

Further to our July 14, 2023 announcement regarding the above subject, Access Holdings PLC (‘Access Holdings’ or ‘the Company’) is pleased to announce that its flagship subsidiary, Access Bank PLC (‘Access Bank’ or ‘the Bank’) has completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone] Limited (‘the Acquisitions’).

Commenting on the completion milestone, Roosevelt Ogbonna, the MD/CEO of Access Bank PLC and CEO of the Banking Group said:

‘We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone, affording 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 combinations represent another significant step towards our broader vision of becoming the Worlds Most Respected African Bank.’

The parties are working on the completion of transactions that would see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon, the Gambia and its Consumer, Private and Business Banking business in Tanzania.

Access Holdings shall continue to make disclosures as and when required.