[REVEALED] Access Holdings’ Acquisitions Cost N253bn in One Year
Access Holdings, the parent of Nigeria’s biggest lender by assets Access Bank, incurred a total of N252.83 billion on further acquisitions last year that expanded its footprint across Africa.
The holding company’s acquisitions spanned several countries comprising Nigeria, Tanzania, Zambia, Angola and Sierra Leone, its financial results released on Wednesday show.
In its home market, its subsidiary Access Golf acquired ARM Pensions on May 17, 2024. The acquisition involved Actis Golf acquiring 81.82% of the issued share capital of ARM Pensions in exchange for cash of N152.37 billion used to pay off the shareholders of former ARM Pensions. Upon completion of the acquisition, Access Pensions, a subsidiary of the group, was merged with ARM Pension Managers (PFA) Limited and renamed AccessARM Pension Limited.
Access Bank Zambia bought 100% of the issued share capital of Atlas Mara Bank in Zambia effective January 5, 2024 for N23.81 billion, and Atlas Mara Zambia became a subsidiary of Access Bank Zambia.
Access Bank Plc acquired 96.02% of the issued share capital of African Banking Corporation (Tanzania) Limited (BancABC Tanzania) on May 31 2024 for a deferred consideration of N30.54 billion payable to the seller, Fairfax Financial Holdings, at an agreed date in three years’ time. BancABC Tanzania is now called Access Bank Tanzania.
Access Bank Angola purchased 60% of the issued share capital of Standard Chartered Bank (SCB) in Angola on October 4, 2024 for a consideration of N16.69 billion.
Access Bank Sierra Leone acquired 80.66% of the issued share capital of SCB in Sierra Leone on November 8, 2024 for a deferred consideration of N29.42 billion.
