Access Bank, the flagship company of Access Holdings Plc, has gained permission from Angola's Central Bank, Banco Nacional de Angola, to acquire a majority ownership position in Finibanco Angola S.A.
This was revealed in a corporate notice filed on Wednesday with the Nigerian Exchange Limited.
Access Holdings had already announced the deal on October 4, 2022, and had secured Central Bank of Nigeria permission.
The bank stated that it expected to receive approval from the Angolan Competition Authority in the coming days, completing the requirements for regulatory approvals for the transaction and allowing the bank to begin the completion of other customary conditions precedents to close the transaction.
The lender added that it had also signed agreements with minority shareholders of Finibanco Angola S.A. who had expressed interest to sell their shares concurrently and targets to attain a total shareholding above 80 per cent in Finibanco Angola S.A. at the completion of the process.
Commenting on the development, the Group Chief Executive Officer, Access Holdings, Dr. Herbert Wigwe, said, “We are 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 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.”
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