Access Bank completes acquisitions of StanChart units in Angola, Sierra Leone

Access Bank Plc has completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone] Limited, its parent company Access Holdings announced on Wednesday.

The Nigerian banking group had announced on July 14, 2023 that it had agreed to acquire the Standard Chartered subsidiaries in Angola, Sierra Leone, Cameroon, the Gambia and its Consumer, Private and Business Banking business in Tanzania.

‘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,” Roosevelt Ogbonna, the MD/CEO of Access Bank, said. “The combinations represent another significant step towards our broader vision of becoming the World’s 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,” the statement said.