Access Bank Obtains Central Bank of Angola’s Approval To Acquire 80% of Finibanco

Access Holdings has disclosed that its subsidiary, Access Bank, has been given the approval to go ahead with the acquisition of Finibanco Angola S.A. in Angola.

The Central Bank of Angola, Banco Nacional de Angola, gave the approval for the acquisition of an 80 per cent stake in Finibanco Angola S.A, which will make Access Bank the majority shareholder in the Angolan lender.

This was revealed in a statement on Wednesday released to the Nigerian Exchange Limited (NGX), the capital market authority.

Access Holdings said in the coming days, final approval from the Angolan Competition Authority will be obtained to enable the Nigerian commercial bank to complete the acquisition.

In the statement, the financial institution disclosed that the shares will be bought from minority shareholders of Finibanco Angola S.A. 

“Further to its announcement on October 4, 2022, on the above subject, Access Holdings Plc (“Access Holdings”) is pleased to announce that its flagship subsidiary, Access Bank Plc (“the Bank”), has received regulatory approval from the Central Bank of Angola: Banco Nacional de Angola for the acquisition of majority equity stake in Finibanco Angola S.A. (“the Transaction”). 

“The Central Bank of Nigeria had previously granted its approval to the Transaction and the Bank expects to receive the approval of the Angolan Competition Authority in the coming days, which would complete the requirements for regulatory approvals for the Transaction, enabling the Bank to initiate completion of other customary conditions precedents to close the Transaction. 

“The Bank has also signed agreements with minority shareholders of Finibanco Angola S.A. who have expressed an interest to sell their shares concurrently and targets to attain a total shareholding above 80% in Finibanco Angola S.A. at the completion of the Transaction,” Access Holdings said in the statement.

Addressing the approval from Angola’s central bank, Access Holdings’ Group Chief Executive Officer, Herbert Wigwe, said: “We are pleased to be well-positioned to join the select league of banks providing high value financial services to high-growth businesses and the rising consumer sector in Angola. 

“The Bank brings a lot of value-add and expertise that will act a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola, while complementing our strategic growth objectives in the broader SADC region.”