WED, 05 OCT, 2022-theGBJournal| Access Bank Plc, a wholly owned subsidiary of Access Corporation Tuesday entered into binding agreement with Montepio Holding SGPS S.A (Montepio) of Angola, to acquire 51% majority shareholding in Finibanco Angola S.A.
Access Holdings Plc announced the latest foray of the bank into African markets. Finibanco Angola S.A, Access Bank said, is a well-capitalised full-service commercial bank with over 20 branches and around US$300 million in total assets that has been in operation in Angola since 2008.
‘’The transaction will be effected via the purchase of existing shares owned by Montepio, the Holding Company for Banco Finibanco, one of Portugal’s well-established commercial bank,’’ Access Holdings said.
The transaction is subject to regulatory approvals in Nigeria and Angola, and it is expected to close in the first half of 2023 following fulfilment of customary conditions precedents.
According to Access Corporation, the transaction furthers its strategy to be Africa’s payment gateway to the world whilst working with other Africa-focused multilaterals to provide robust and efficient payment platforms and ecosystems to serve the continent,
‘’The prospective operation is expected to contribute strongly to the bank’s overall growth path and financial results over the long-term,’’ the Bank said.
The transaction will be consummated at 1.0x tangible book value less pre-agreed adjustments to be determined by a customary completion audit. Access Bank is expected to increase its shareholding in Finibanco upon completion of the transaction, and it says has reached certain conditional agreements in this regard.
‘’Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerge,’’ says Dr. Herbert Wigwe, Group CEO, Access Corporation.
‘’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,’’ he added.
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