The Central Bank of Angola, Banco Nacional de Angola, has granted approval to Access Bank to acquire majority stake in excess of 80 per cent of Finibanco Angola S.A.
The Central Bank of Nigeria (CBN) had previously granted its approval for the transaction.
Access Bank, according to the notice sent to the Nigerian Exchange Group, stated that the bank has also signed agreements with minority shareholders of Finibanco Angola S.A. who have expressed an interest to sell their shares concurrently.
The bank said it targets to attain a total shareholding above 80% in Finibanco Angola S.A. at the completion of the Transaction.
“Further to its announcement on October 4, 2022, on the above subject, Access Holdings Plc (“Access Holdings”) is pleased to announce that its flagship subsidiary, Access Bank Plc (“the Bank”), has received regulatory approval from the Central Bank of Angola: Banco Nacional de Angola for the acquisition of majority equity stake in Finibanco Angola S.A. (“the Transaction”).
“The Central Bank of Nigeria had previously granted its approval to the Transaction and the Bank expects to receive the approval of the Angolan Competition Authority in the coming days, which would complete the requirements for regulatory approvals for the Transaction, enabling the Bank to initiate completion of other customary conditions precedents to close the Transaction,” the company secretary, Sunday Ekwochi, stated in a May 2nd statement.
Speaking on the development, Group Chief Executive Officer of Access Holdings, Dr. Herbert Wigwe, 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 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.”
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