Access Bank Plc has finalized its acquisition of Standard Chartered Bank in Angola and Sierra Leone, enhancing its corporate and SME banking portfolio in these regions. This follows an announcement made on July 14, 2023, by CEO Roosevelt Ogbonna, who noted plans for further acquisitions in Cameroon and Tanzania to support Access Bank’s ambitious vision.
Access Bank Plc has successfully completed the acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone, as announced on July 14, 2023. This strategic move was confirmed by Mr. Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, through a formal notice to the Nigerian Exchange Limited in Lagos. Mr. Ogbonna expressed enthusiasm about the acquisitions, highlighting their potential to enhance earnings quality and significantly increase Access Bank’s presence within the corporate and SME banking sectors in these markets.
The acquisition of Standard Chartered Bank in Angola and Sierra Leone marks a pivotal moment for Access Bank, reflecting its commitment to expanding its footprint across Africa. This is part of a broader strategy to solidify its status as the leading pan-African bank. Access Bank aims to leverage these acquisitions to improve its market share and offer enhanced banking services to both corporate clients and small and medium-sized enterprises in the respective countries, thereby supporting local economic growth.
In conclusion, Access Bank’s recent acquisitions signify a deliberate effort to reinforce its position as a premier banking institution in Africa. The successful completion of these acquisitions not only strengthens its banking operations in Angola and Sierra Leone but also sets the stage for further expansions into other African markets, including Cameroon, Gambia, and Tanzania. By prioritizing growth in corporate and SME banking, Access Bank is poised to enhance its service offerings and overall market competitiveness.
Original Source: dmarketforces.com
