Access Bank Plc has completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited. This move is expected to enhance earnings and market share in corporate and SME banking in both countries. The bank is also progressing toward acquiring subsidiaries in Cameroon, The Gambia, and Tanzania.
Access Holdings Plc has successfully completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited through its subsidiary, Access Bank Plc. Roosevelt Ogbonna, the Managing Director/CEO of Access Bank Plc, expressed satisfaction with these important acquisitions, which will enhance the bank’s earnings potential in these markets by significantly increasing its share of corporate and SME banking. This achievement aligns with Access Bank’s broader objective of establishing itself as the world’s most respected African bank. Furthermore, ongoing efforts are being made to finalize additional acquisitions, including Standard Chartered Bank’s operations in Cameroon, The Gambia, and its consumer banking services in Tanzania.
Access Bank’s acquisition of Standard Chartered Bank’s subsidiaries marks a strategic move to expand its footprint in Africa, particularly in key markets like Angola and Sierra Leone. This initiative not only strengthens Access Bank’s position in corporate and SME banking but also supports its overarching goal of becoming a leading and respected banking institution in Africa. The acquisitions reflect a broader trend in the financial sector where consolidation is used as a means to enhance service delivery and market presence.
In summary, Access Bank’s acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone represents a significant milestone for the institution as it seeks to enhance its market share and improve its earnings. The positive statement from the bank’s leadership underscores the importance of these acquisitions in driving future growth and serving the needs of corporate clients and SMEs. Continued efforts to acquire additional subsidiaries signal a strategic commitment to expansion across the continent.
Original Source: www.thisdaylive.com
