Access Bank has announced that it has received regulatory approval from the Central Bank of Angola to proceed with the purchase of a majority stake in Finibanco Angola.
Access had already received approval from the Central Bank of Nigeria to move ahead with the acquisition and will now wait for greenlight on the transaction from Angolan authorities, which it expects to get in the “coming days.”
Additionally, Access also signed agreements with minority shareholders in Finibanco Angola to buy their stake after which the bank intends to hold an 80% stake in the business.
“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 [sic] 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,” said Herbert Wigwe, group CEO of Access Holdings.
In 2021, Access Bank also acquired a majority stake in BancABC of Botswana, offsetting the most active day in the history of the country’s bourse, the Botswana Stock Exchange.
Access Bank’s entry into the Angolan banking market could be well timed as, according to statistics, net profits of the country’s banking sector increased by 295% in 2021 to 592.402 billion kwanzas (€1.3 billion).