Access Bank: Wigwe Remains Focused; Lender Acquires Angolan Bank

The Group Chief Executive Officer of Access Holdings, Herbert Wigwe has disclosed that the bank remained focused in its quest to harness the huge opportunities across the African continent.

The group’s chief executive made the comment after the congloromate announced its plan to acquire the majority share in an Angolan-based Finibanco S.A.

The bank has recently made a slew of acquisitions across Africa as part of its vision to be among Africa’s ‘top 5’ by the year 2027.

“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,” Wike said.

The bank said in a statement signed by the company’s secretary, Sunday Ekwochi that the lender is fully on course to acquire a 51 percent equity stake in the Angolan bank by purchasing existing shares held by Montepio-the Holding Company for Banco Montepio, one of Portugal’s commercial banks.

According to the statement, “Access Holdings Plc, trading as Access Corporation (‘the Corporation’) today announces that its wholly owned subsidiary, Access Bank Plc (the Bank) has entered into a binding agreement with Montepio Holding SGPS S.A (‘Montepio’) to acquire a 51 percent majority shareholding in Finibanco Angola S.A. (the Transaction).

“The Transaction furthers the bank’s strategy to be Africa’s payment gateway to the world whilst working with other Africa-focused multilateral to provide robust and efficient payment platforms and ecosystems to serve the continent.”

Finibanco Angola S.A. has over 20 branches with approximately $300 million in total assets and has been operating in Africa’s largest oil-producing country since 2008 on a clean balance sheet.