Access bank moves to acquire Angolan Commercial bank FINBANCO Angola S.A.
Access Bank Pic has moved to purchase a 51% majority stake in Finibanco Angola S.A . Finibanco Angola S.A. has been a successful, well-capitalized full-service commercial bank in Angola with over 20 branches and over US$300 million in total assets. The Transaction will be carried out through the acquisition of existing Montepio shares, which serve as the holding company for Banco Montepio, one of Portugal’s reputable commercial banks.
Sunday Ekwochi, the bank’s company secretary, explained in a statement that a subsidiary of Access Holding Plc, Access Corporation, completed the transaction before announcing that its wholly owned subsidiary, Access Bank Plc, had entered into a legally binding agreement with Montepio Holding SGPS S.A to purchase a 51% majority shareholding in Finibanco Angola S.A. The transaction will be carried out through the purchase of current shares owned by Montepio-
“The Transaction advances the bank’s aim to be Africa’s payment gateway to the world while partnering with other Africa-focused multilaterals to develop robust and effective payment platforms and ecosystems to service the continent,” the executive continued.
Herbert Wigwe – Group CEO of Access Bank said: “At 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.”
With more than 20 locations and over US$300 million in total assets, Finibanco Angola S.A. (“Finibanco”) has been conducting business in Angola since 2008. The Transaction will be carried out through the acquisition of existing shares held by Montepio, the holding company for one of Portugal’s oldest and most reputable commercial banks, Banco Montepio.
With a broad and diverse base of natural resources, a rising population, and the sixth-largest economy in Africa and seventh-largest country worldwide, the Angolan market offers a significant opportunity for the Bank’s growth aspirations. The transaction advances the Bank’s plan to serve as Africa’s international payment gateway while collaborating with other multilaterals with an interest in the continent to develop reliable and effective payment platforms and ecosystems.
