By Oyinkansayo Wole-Bodunde
Access Holdings PLC has announced a major milestone in its expansion strategy, with its subsidiary Access Bank PLC completing the acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone.
This development marks a significant step in Access Bank’s goal of becoming a leading pan-African bank.
According to Roosevelt Ogbonna, MD/CEO of Access Bank PLC and CEO of the Banking Group, “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.”
The acquisition is part of Access Bank’s broader strategy to expand its presence in Africa. The bank is also working on completing transactions to acquire Standard Chartered Bank’s subsidiaries in Cameroon, the Gambia, and its Consumer, Private and Business Banking business in Tanzania.
Access Holdings PLC operates a vast network of over 700 branches and service outlets across three continents, 23 countries, and serving over 60 million customers. The company’s operations span across four sectors, including banking, payment, pension administration, and insurance, through its four operating companies: Access Bank PLC, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited.
