Access Bank Plc has acquired Standard Chartered Bank Angola and Standard Chartered Bank Sierra Leone, as announced by CEO Roosevelt Ogbonna. The acquisition aims to enhance Access Bank’s corporate and SME banking presence in these markets. Plans for acquiring additional subsidiaries in Cameroon, The Gambia, and Tanzania are also underway, marking a strategic expansion for the bank.
Access Bank Plc has successfully finalized its acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone. The announcement was made by the Managing Director and Chief Executive Officer, Roosevelt Ogbonna, via a notification to the Nigerian Exchange Limited. This acquisition is anticipated to enhance Access Bank’s capabilities in corporate and SME banking within these markets and is part of the bank’s strategy to boost earnings quality across the two countries.
Ogbonna expressed satisfaction with the completion of these acquisitions, highlighting their importance in Access Bank’s mission to evolve into the World’s Most Respected African Bank. The bank is also in discussions regarding further acquisitions, including Standard Chartered’s subsidiaries in Cameroon and The Gambia, as well as its consumer, private, and business banking operations in Tanzania. Access Holdings, the parent entity of Access Bank, will provide ongoing updates regarding these transactions as necessary.
Access Bank has established itself as a leading financial institution in Africa and has taken significant strides toward enhancing its market presence through strategic acquisitions. The recent acquisition of Standard Chartered’s operations aligns with the bank’s ambition to expand its reach and improve its service offerings in key markets. By absorbing established entities in Angola and Sierra Leone, Access Bank aims to leverage synergies that will bolster its financial performance and customer base. This move reflects the bank’s commitment to growth and expansion within the African banking sector, targeting corporate and SME segments specifically, which are critical for economic development in the region.
The acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone by Access Bank marks a significant milestone in the bank’s expansion strategy. This move not only strengthens Access Bank’s corporate and SME banking capabilities but also reflects its vision of becoming a leading and respected financial institution on the continent. With further acquisitions on the horizon, Access Bank demonstrates its commitment to growth and enhancing service delivery across Africa.
Original Source: thewillnews.com
