Access Bank close to acquiring majority stake in Finibanco Angola

ACCESS Bank is now close to acquiring a majority stake in Finibanco Angola S.A.

This follows the regulatory approval by the Central Bank of Angola, Bianco Nacional de Angola.

Earlier, Nigeria’s Central Bank had approved the transaction and the bank now expects to receive the approval of the Angolan Competition Authority in the coming days to complete regulatory approvals required to bring the transaction to closure.

The Company Secretary, Sunday Ekwochi, while announcing this, said the bank has also signed an agreement with minority shareholders of Finibanco Angola S.A who have expressed an interest to sell their shares concurrently as the bank targets above 80 percent at the completion of the deal.

The Group Chief Executive Officer of Access Holdings, Herbert Wigwe, said the company is pleased with the development which has made Access Bank a frontline bank on the continent.

“We are pleased to be well-positioned to join the select league of banks providing high-value financial services to high growth business and the rising consumer sector in Angola,” he said.