{"id":65279,"date":"2022-10-04T20:45:20","date_gmt":"2022-10-04T19:45:20","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=65279"},"modified":"2022-10-04T20:45:20","modified_gmt":"2022-10-04T19:45:20","slug":"access-bank-acquires-majority-stake-in-angolan-bank","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/access-bank-acquires-majority-stake-in-angolan-bank\/","title":{"rendered":"Access Bank Acquires Majority Stake In Angolan Bank"},"content":{"rendered":"

Access Holdings Plc on Tuesday announced that its wholly owned\u00a0 subsidiary, Access Bank Plc has entered into a binding agreement with Montepio Holding SGPS S.A to acquire a\u00a0 51% majority shareholding in Finibanco Angola S.A.<\/p>\n

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Access-Bank-boss-Herbert-Wigwe<\/figcaption><\/figure>\n

According to a statement by Access Holdings Secretary, Mr. Sunday Ekwochi posted on NGX Exchange, Finibanco Angola S.A. is a profitable, well-capitalised full-service commercial bank with over 20 branches and around US$300 million in total assets that has operated in Angola since 2008.<\/p>\n

‘The Transaction will be effected via the purchase of existing shares owned by Montepio-the holding company for Banco Montepio, one of Portugal\u2019s well-established commercial banks.’<\/p>\n

“The Angolan market\u00a0 as the 6th largest economy in Africa and the 7th largest country overall, with a vast and diversified natural resource base and a growing population represents a strong potential for the Bank\u2019s growth aspiration.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

“The Transaction furthers the Bank\u2019s strategy to be Africa\u2019s payment gateway to the world whilst working with other Africa-focused multilaterals to provide robust and efficient payment platforms and ecosystems to serve the continent.<\/p>\n

“The\u00a0 prospective operation is\u00a0 expected\u00a0 to contribute strongly to the Bank\u2019s overall growth path and financial results over the long-term. The\u00a0 Transaction, which is subject to regulatory approvals in Nigeria and Angola is expected to close in the first half of 2023\u00a0 following fulfillment of customary conditions precedents. It will be consummated at 1.0x tangible book value less pre-agreed adjustments to be determined by a customary completion audit. Upon completion of the Transaction, the Bank is expected to increase its shareholding in Finibanco S.A and has reached certain conditional agreements in this regard”, he added.<\/p>\n

Commenting on the transaction, Dr. Herbert Wigwe – Group Chief Executive Officer of the Corporation, said: \u201cAt Access, our vision remains clear as ever and our determination to harness accretive opportunities within and outside Nigeria is our core strategic focus. Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges. We remain committed to making these disciplined and well-structured investments towards creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.\u201dThe Corporation shall continue to update the market on the Transaction in line with its disclosure obligations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Access Holdings Plc on Tuesday announced that its wholly owned\u00a0 subsidiary, Access Bank Plc has entered into a binding agreement with Montepio Holding SGPS S.A to acquire a\u00a0 51% majority shareholding in Finibanco Angola S.A.<\/p>\n","protected":false},"author":6,"featured_media":34531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[793],"coauthors":[2391],"class_list":["post-65279","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-access-bank"],"yoast_head":"\nAccess Bank Acquires Majority Stake In Angolan Bank - National Wire<\/title>\n<meta name=\"description\" content=\"Access Holdings Plc on Tuesday announced that its wholly owned\u00a0 subsidiary, Access Bank Plc has entered transaction\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/access-bank-acquires-majority-stake-in-angolan-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Access Bank Acquires Majority Stake In Angolan Bank - 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