Access Bank Plc has completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, enhancing its corporate and SME banking capabilities. This aligns with Access Bank’s strategy to strengthen its market presence in Africa, with plans for further acquisitions in the region. Roosevelt Ogbonna emphasized the strategic importance of these acquisitions for the bank’s growth ambitions and earnings potential.
Access Bank Plc has successfully concluded the acquisition of Standard Chartered Bank’s subsidiaries located in Angola and Sierra Leone. This development follows Standard Chartered’s decision in April 2022 to exit its operations in seven countries across Africa and the Middle East as part of a strategic restructuring. On July 23, 2023, Access Bank entered into an agreement to finalize the acquisition, and this was officially communicated to investors via a corporate filing on the Nigerian Exchange Limited (NGX). In their announcement, Access Holdings expressed their enthusiasm for this achievement, which they expect will enhance their earnings and market presence within these countries. Roosevelt Ogbonna, the MD/CEO of Access Bank, highlighted the importance of these acquisitions in growing the bank’s Corporate and SME banking sectors, further reinforcing Access Bank’s ambition to be recognized as the World’s Most Respected African Bank. Additionally, the announcement indicated ongoing efforts to finalize further acquisitions in Cameroon, the Gambia, and Tanzania, expanding Access Bank’s footprint in sub-Saharan Africa. Two weeks prior, Access Holdings also disclosed its intention to acquire a majority stake in Afrasia Bank Limited in Mauritius.
The acquisition of Standard Chartered’s subsidiaries forms part of Access Bank’s broader strategy to enhance its market reach across Africa and solidify its positioning as a leading financial institution within the continent. Standard Chartered’s decision to exit various markets underscores a strategic shift aimed at improving operational focus and profitability, while Access Bank’s approach is oriented towards growth and expansion. By absorbing these subsidiaries, Access Bank seeks to capitalize on the existing customer bases and business synergies, focusing on strengthening their corporate and SME banking segments, essential for driving revenue in emerging markets. This move also aligns with Access Bank’s future vision of establishing itself as a trusted banking authority within Africa and beyond.
In conclusion, the successful acquisition of Standard Chartered’s subsidiaries in Angola and Sierra Leone represents a significant milestone for Access Bank, reinforcing its commitment to growth in the African banking sector. With this acquisition, the bank aims to enhance its earnings, expand its corporate and SME banking operations, and pursue additional acquisitions in the region. As Access Bank continues to implement its strategy, it is poised to become a prominent player in sub-Saharan Africa, working towards its vision of being internationally respected.
Original Source: www.thecable.ng
