Lagos-based financial services conglomerate Access Holdings Plc, led by Nigerian banker Herbert Wigwe, has reached an agreement to acquire the Sub-Saharan African subsidiaries of UK-based multinational bank Standard Chartered Bank.
This acquisition is expected to strengthen Access Holdings’ position in Africa and foster its goal of establishing a connected ecosystem and community between Africa and the rest of the world.
The deal includes the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank, the flagship banking business of Access Holdings.
The agreement comes after Standard Chartered’s announcement last year of its intention to withdraw from seven countries in Africa and the Middle East (AME).
As part of this strategic move, Standard Chartered will also sell its shareholding in its consumer, private, and business banking business in Tanzania, focusing on improving profits through a strategic emphasis on high-growth markets in the region.
Access Holdings, a leading financial services group in Nigeria with a significant market cap on the Nigerian Exchange, currently operates in 12 African countries. It is presently looking to expand its presence in Europe by consolidating its existing operations in London and launching a new unit in France.
Herbert Wigwe, a prominent Nigerian executive and instrumental figure in the growth and expansion of Access Holdings, owns a 9.09-percent stake in the lender, which amounts to 3,230,789,014 ordinary shares.
In a separate announcement made less than 24 hours before the acquisition of Standard Chartered’s sub-Saharan subsidiaries, Access Holdings disclosed the successful completion of its majority 51-percent stake acquisition in Finibanco Angola.
Finibanco Angola S.A. is a fully capitalized commercial bank with over 20 branches and $300 million in total assets. It plays a crucial role in providing comprehensive financial services to support small and medium-sized businesses, private citizens, and Angolan exports.
