Access Bank Plc has completed the acquisition of Standard Chartered Bank operations in Angola and Sierra Leone, affirming its strategy to enhance market presence and service quality. Further acquisitions in Cameroon, the Gambia, and Tanzania are also underway. These developments underscore Access Bank’s commitment to expanding its influence in Africa.
Access Bank Plc has successfully finalized the acquisition of both Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone) Limited. This announcement was made by Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank, in a formal notice to the Nigerian Exchange Ltd. This acquisition is considered strategically significant, allowing Access Bank to enhance its influence in the Corporate and Small-Medium Enterprises (SME) banking sector in these markets, aligning with the bank’s objective of expanding its services internationally.
In his remarks regarding this accomplishment, Mr. Ogbonna expressed satisfaction with the successful transactions, remarking, “We are pleased to have successfully concluded two 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.” He elaborated on the future ambitions of Access Bank, highlighting ongoing discussions for acquiring additional subsidiaries of Standard Chartered Bank in various regions, including Cameroon, the Gambia, and Tanzania.
Access Holdings, the parent company of Access Bank, currently boasts an extensive network of over 700 branches and service points, catering to more than 60 million customers across three continents and 23 countries, emphasizing its commitment to providing outstanding banking services on a global scale. The management has committed to keeping stakeholders updated on significant developments throughout the acquisition process, reinforcing their dedication to transparency in corporate governance.
The article discusses Access Bank’s recent acquisition of Standard Chartered’s operations in Angola and Sierra Leone, which marks a critical expansion in the bank’s strategy to enhance its presence in Africa’s banking sector. Such acquisitions not only aim at increasing market share but are also pivotal in strengthening Access Bank’s operational capabilities and customer service offerings in these countries. This move is part of a larger strategic vision that includes further acquisitions across the region, underscoring Access Bank’s commitment to becoming a leading financial institution on the continent.
In conclusion, Access Bank’s acquisition of Standard Chartered’s branches in Angola and Sierra Leone signifies a pivotal advancement towards its goal of becoming the most esteemed African bank. By expanding its reach and enhancing its product offerings, Access Bank positions itself strategically to capture a larger share of the banking market in Africa. The continuous efforts to acquire other regional entities further illustrate Access Holdings’ dedication to growth and excellence in banking services.
Original Source: thewillnews.com
