By Adenike Lawal
Access Holdings has completed the acquisition of Standard Chartered Bank’s operations in Angola, marking a pivotal step in its strategic expansion across Africa.
The acquisition, facilitated by Access Bank’s commercial banking division, was first announced four months ago and has now been finalized.
Beyond Angola, Access Holdings is set to finalize deals involving Standard Chartered’s subsidiaries in Sierra Leone, Gambia, and Cameroon, alongside its consumer and private banking operations in Tanzania.
These acquisitions are poised to bolster Access Bank’s earnings by expanding its corporate and SME banking footprint in these key markets, according to CEO Roosevelt Ogbonna.
“This move is in line with our ambition to become the ‘World’s Most Respected African Bank,’” Ogbonna stated.
He highlighted the strategic importance of Angola, the largest oil producer in the region, noting that the acquisition positions Access Holdings for stronger market dominance in high-growth sectors.
Standard Chartered’s divestiture aligns with its global strategy to streamline operations and focus on wealth management.
The bank is also considering selling its wealth and retail banking divisions in Zambia, Botswana, and Uganda, with plans to reinvest in other business areas.
In a related development, Access Bank has announced plans to issue its first dollar bond in two tranches next year, further strengthening its financial standing for future expansions.
