Access Bank Finalizes Acquisition of Standard Chartered Subsidiaries in Angola and Sierra Leone

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Access Bank Plc has announced the successful acquisition of Standard Chartered Bank Angola and Standard Chartered Bank Sierra Leone.

The acquisition follows a 2022 agreement between Access Bank and UK-based Standard Chartered to transfer ownership of the latter’s subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, alongside its Consumer, Private, and Business Banking operations in Tanzania.

In Angola, the acquisition was preceded by the merger of Access Bank Angola (formerly Fribanco) with Standard Chartered Bank Angola. Access Bank Plc now controls Standard Chartered’s Angolan operations, including its share capital.

Commenting on the development, Roosevelt Ogbonna, Managing Director and Group CEO of Access Bank, stated, “We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets.”

“The combinations represent another significant step towards our broader vision of becoming the Worlds Most Respected African Bank.” she added.

Read: Access Bank and Safaricom Partner to Revolutionize Remittances Across Africa

This latest moves comes less than two years after Access Bank entered the Angolan market through the purchase of a majority stake in Finibanco from Banco Montepio and other shareholders, securing a 99.8% shareholding. Access Bank’s presence in Sierra Leone dates back to 2007.

In another acquisition, Access Bank UK, a subsidiary of Access Holdings, recently acquired AfrAsia Bank Limited’s shareholdings from IBL and the National Bank of Canada.

AfrAsia, Mauritius’ fourth-largest bank, had total assets valued at $5.7 billion as of mid-2024. Access Bank UK aims to leverage Mauritius as a hub for trade finance, wealth management, and corporate banking.

Additionally, in September, Access Bank Nigeria secured a $2 million gain on the acquisition of African Banking Corporation Tanzania (ABCT) Ltd in a transaction that was completed on May 31.

The Nigerian lender acquired a 97% shareholding in ABCT for $14.16 million, well below the fair value of $16.17 million, under a three-year deferred payment plan.