Access Bank targets majority shares in Angolan bank

Access Holdings Plc has said its Access Bank subsidiary has signed a binding agreement with Montepio Holding to acquire a 51 per cent majority shareholding in Finibanco, Angola. Finibanco is a commercial bank with over 20 branches and around $300 million in assets that have operated in Angola since 2008. FCMB solves 95% of customer […]

Access Holdings Plc has said its Access Bank subsidiary has signed a binding agreement with Montepio Holding to acquire a 51 per cent majority shareholding in Finibanco, Angola.

Finibanco is a commercial bank with over 20 branches and around $300 million in assets that have operated in Angola since 2008.

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The transaction will be effected via the purchase of existing shares owned by Montepio, the holding company for Banco Montepio, one of Portugal’s well-established commercial banks.

The Angolan market is the 6th largest economy in Africa and the 7th largest country overall.

Company Secretary, Access Holdings Plc., Sunday Ekwochi, said the transaction furthers the bank’s strategy to be Africa’s payment gateway to the world whilst working with other Africa-focused multilaterals to provide robust and efficient payment platforms and ecosystems to serve the continent. 

“The transaction, which is subject to regulatory approvals in Nigeria and Angola, is expected to close in the first half of 2023, following fulfillment of customary conditions precedents.”

Group Chief Executive Officer of the corporation, Dr Herbert Wigwe, said the vision remains clear as ever with the determination to harness accretive opportunities within and outside Nigeria as a core strategic focus.

“The corporation shall continue to update the market on the transaction in line with its disclosure obligations,” Wigwe said.