Africa: Access Bank Finalizes Acquisition of Standard Chartered Operations in Angola and Sierra Leone

Access Holdings Plc has announced the successful acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited by its banking subsidiary, Access Bank Plc.

The confirmation, made on November 27, 2024, by the company secretary, Sunday Ekwochi, follows the initial announcement of the transaction on July 14, 2023. This marks another milestone in Access Bank’s strategy to expand its footprint across sub-Saharan Africa.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and CEO of the Banking Group, expressed optimism about the strategic move, stating:

“We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone. These transactions create synergies that enhance the quality of our earnings from both countries by significantly increasing our market share in corporate and SME banking.”

Ogbonna also highlighted the acquisitions as pivotal steps in Access Bank’s mission to establish itself as a leading global African bank.

Access Holdings, Nigeria’s largest financial services group, has consistently pursued growth through strategic mergers and acquisitions. This latest development strengthens the bank’s regional presence and aligns with its commitment to driving economic growth across Africa.