Access Bank Raises Stake To 80% In Finibanco Angola After Fresh Deal With Minority Shareholders

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Access Holding Plc has said that its subsidiary, Access Bank has gotten the approval of Central Bank of Angola to acquire the 51 per cent shares belonging to majority shareholders of Finibanco Angola S.A.

The bank has moved further to seal a deal with interested minority shareholders of Finibanco to acquire their shares.

This would give the Nigerian bank 80 per cent of the shares of the $300m worth bank in asset and has 20 branches.

Access had announced in October last year that it plans to acquire 51 per cent shares of majority shareholder, Montepio-the Holding Company for Banco Montepio.

Access said it 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”).

According to the bank, the Central Bank of Nigeria had previously granted its approval to the transaction and the it expects to receive the approval of the Angolan Competition Authority in the coming days.

Access said the Authority’s approval 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.”

Herbert Wigwe, Group Chief Executive Officer, Access Holdings 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”.