Access Holdings Plc, a pan-African financial services conglomerate led by Nigerian multimillionaire banking tycoon Herbert Wigwe, is set to take control of the majority shareholding of Finibanco Angola S.A. following the purchase of a 51-percent stake in the Luanda-based bank.
With more than 20 branches and $300 million in total assets, Finibanco Angola S.A. is a fully capitalized commercial bank with full-service offerings. It functions as an all-encompassing bank of assistance for small and medium-sized businesses, private citizens, and Angolan exports.
The purchase, which is still subject to regulatory approval, fits in perfectly with the company’s decision to become a multinational bank as part of the effort to build an ecosystem and community connected to the rest of the world that is inspired by Africa.
The proposed acquisition is anticipated to make a significant long-term contribution to the bank’s overall growth trajectory and financial results, according to the pan-African banking group.
The deal, which will be finalized in 2023 after the purchase of the existing shares held by Banco Montepio’s holding company, Montepio, one of Portugal’s oldest commercial banks, is expected to naturally expand the bank’s branch network from the standpoint of customer accessibility.
Wigwe, Access Holding’s CEO, owns 4.26 percent of the pan-African conglomerate. He commented on the recent acquisition, stating that it demonstrates the holding’s commitment to making disciplined and well-structured investments toward creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.
“At Access, our vision remains clear as ever and our determination to harness accretive opportunities within and outside Nigeria is our core strategic focus,” Wigwe said. “Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges.”
Access Holdings is Nigeria’s largest financial services group by assets and one of the most capitalized financial institutions on the Nigerian Exchange. Its operations include South Africa, Ghana, Kenya, Nigeria, Rwanda, Gambia, Mozambique, and, most recently, Angola.
It received final approval from the Central Bank of Nigeria to launch its wholly owned payment subsidiary nearly two weeks ago.
The payment subsidiary, which will be known as Hydrogen Payment Services Company Limited, will offer switching and payment processing services to financial service providers and other stakeholders.
