Access Bank Completes Acquisition Of Standard Chartered Bank Angola, Sierra Leone

Access Holdings Plc, said that its flagship subsidiary, Access Bank Plc has completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone) Limited.

Speaking on the completion milestone, the MD/CEO of Access Bank and CEO of the Banking Group, Roosevelt Ogbonna said, “we are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets. The combinations represent another significant step towards our broader vision of becoming the World’s Most Respected African Bank.”

He added that the parties are working on the completion of transactions that would see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon, the Gambia and its Consumer, Private and Business Banking business in Tanzania.

Access Bank, said the bank will continue to invest in other African economies as part of its growth strategy. Ogbonna during a media parley recently reiterated Access Bank’s five-year strategy, which includes an investment phase, which holds from 2023 to 2025, a consolidation phase that runs from 2025 to 2026, and an optimisation phase, which starts in 2027.