Access Holdings Plc announced that its wholly owned subsidiary, Access Bank Plc, has signed a binding agreement with Montepio Holding SGPS S.A (Montepio) to purchase a 51% majority stake in Finibanco Angola S.A.
This was revealed in a statement signed by Access Holding’s company secretary, Sunday Ekwochi, and posted on the Nigerian Exchange (NGX) Limited.
Finibanco Angola S.A., according to the press release, is a profitable, well-capitalized full-service commercial bank with over 20 branches and over $300 million in total assets that has been operating in Angola since 2008. The transaction will be carried out by purchasing existing shares held by Montepio, the holding company for Banco Montepio, one of Portugal’s most reputable commercial banks.
The Angolan market, is Africa’s sixth largest economy and the world’s seventh largest, with a wide and diverse natural resource base and a growing population, represents a tremendous potential for the Bank’s expansion aspirations.”
Long-term, the anticipated operation is expected to significantly contribute to the Bank’s overall growth path and financial outcomes and the acquisition advances the Bank’s objective of serving as Africa’s payment gateway to the rest of the world, while also collaborating with other Africa-focused endeavors to develop robust and efficient payment platforms and ecosystems to service the continent.
The transaction, which is subject to regulatory clearances in Nigeria and Angola, is expected to close in the first half of 2023 when usual conditions precedent is met.