Access Holdings Plc announced that its flagship subsidiary, Access Bank Plc, has acquired a majority stake in Finibanco Angola S.A. from Banco Nacional de Angola, the central bank of Angola, with regulatory approval.
This would give the Nigerian bank 80 per cent of the shares of the $300 million worth bank in assets and has 20 branches. Access had announced in October 2022, that it plans to acquire 51 per cent shares of majority shareholder, Montepio – the Holding Company for Banco Montepio.
Commenting on the recent development, Dr. Herbert Wigwe, Group Chief Executive Officer, Access Holdings, said: “We are pleased to be well-positioned to join the select league of banks providing high-value financial services to high-growth businesses and the rising consumer sector in Angola.
“The Bank brings a lot of value-add and expertise that will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola, while complementing our strategic growth objectives in the broader SADC region.”