Access Bank has completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, furthering its expansion strategy in Africa. This move follows Standard Chartered’s decision to exit several markets to streamline operations. Access Bank aims to enhance its market presence and earnings in the region, with plans for additional acquisitions pending.
Access Bank Plc has officially finalized its acquisition of Standard Chartered Bank in both Angola and Sierra Leone. This strategic move is part of Standard Chartered’s decision to completely withdraw from operations in seven nations across Africa and the Middle East, a plan initiated in April 2022 as the bank sought to refocus its efforts. On July 23, 2023, Access Bank agreed to purchase these subsidiaries in sub-Saharan Africa. In a recent corporate filing, Access Holdings confirmed the completion of this acquisition, emphasizing its impact on the bank’s financial performance and market presence.
Roosevelt Ogbonna, the managing director and chief executive officer of Access Bank Plc, expressed satisfaction with the successful conclusion of these acquisitions, stating that they will enhance the company’s income streams. “We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets,” Ogbonna remarked.
Additionally, the statement highlighted ongoing discussions aimed at finalizing Access Bank’s acquisition of Standard Chartered’s additional subsidiaries in Cameroon, The Gambia, and its Consumer, Private, and Business Banking operations in Tanzania. Recently, Access Bank United Kingdom also announced its agreement to acquire a majority stake in Afrasia Bank Limited, located in Mauritius—one of the nation’s largest banks by assets.
This series of acquisitions signifies Access Bank’s commitment to establishing itself as a leading player within the African banking sector while striving towards its goal of becoming the most respected African bank globally.
The acquisition of Standard Chartered Bank’s subsidiaries by Access Bank marks a significant shift in the dynamics of banking operations in Africa. Standard Chartered decided to exit several markets as part of a broader strategy to optimize its resources and focus on more profitable ventures. For Access Bank, this acquisition provides an opportunity to expand its footprint in niche markets such as Angola and Sierra Leone, where it can leverage potential synergies to bolster its operational efficiency and financial strength, thus driving future growth.
In conclusion, Access Bank’s acquisition of Standard Chartered’s subsidiaries in Angola and Sierra Leone represents a strategic advancement in its efforts to enhance market share and diversify its income. The remarks from Ogbonna illustrate the bank’s optimistic outlook regarding the potential for growth and profitability in these regions. The ongoing negotiations for further acquisitions suggest that Access Bank is poised for significant expansion within the sub-Saharan African banking landscape, reinforcing its vision of becoming a highly respected bank in the African continent.
Original Source: www.thecable.ng
