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- Access Bank has finalized the acquisition of Standard Chartered’s subsidiaries in Angola and Sierra Leone.
- The bank aims to boost its share in Corporate and SME banking in both countries, aligning with its broader vision of becoming the world’s most respected African bank.
- Access Bank is working on completing acquisitions in other African markets and has also secured a deal to acquire a majority stake in Mauritius's Afrasia Bank.
Access Bank Plc has successfully completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone. The announcement, made on Wednesday, marks a significant milestone in the bank’s ongoing expansion across Africa.
This transaction, part of a larger deal agreed upon in July 2023, includes the planned acquisition of Standard Chartered's operations in Cameroon, The Gambia, and Tanzania. However, these latter acquisitions are still progressing and subject to regulatory approvals. With the completion of the Angolan and Sierra Leonean transactions, Access Bank has bolstered its presence in two key markets that are crucial to its growth ambitions.
Strengthening corporate and SME banking in Africa
Access Bank’s CEO, Roosevelt Ogbonna, expressed his satisfaction with the successful acquisitions, stating: “We are pleased to have concluded two important acquisitions in Angola and Sierra Leone. These additions will enable us to significantly grow our share of corporate and SME banking in both markets, providing us with valuable synergies and a stronger earnings base from these countries.”
The completion of these acquisitions not only expands Access Bank’s market reach but also enhances its presence in corporate banking and small to medium-sized enterprise (SME) sectors in Angola and Sierra Leone. By leveraging these two new subsidiaries, Access Bank aims to continue its growth trajectory and further strengthen its corporate and retail banking offerings across the continent.
Ogbonna further emphasized that these developments are aligned with Access Bank's broader vision of becoming the world’s most respected African bank. The acquisitions place the bank in a strong position to expand its services in underserved markets while solidifying its footprint in established sectors.
Access bank’s global strategy
The Angola and Sierra Leone acquisitions align with Access Bank’s broader strategy to expand its operational footprint globally. In another major move, Access Bank UK has entered into an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius by total assets, valued at $5.7 billion as of mid-2024.
This acquisition is part of Access Bank UK’s strategy to use Mauritius as a key hub for expanding services in trade finance, wealth management, and corporate banking. The deal is expected to significantly enhance Access Bank’s global presence, especially in the Indian Ocean region, and bolster its standing in international finance.
In addition to its expansion across Africa, Access Bank’s focus on Mauritius further underscores its ambition to diversify its financial offerings across global markets and solidify its position as a major player in the international banking arena.
