Access Holdings PLC has announced a major milestone in its quest for continental dominance, successfully completing the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited. The announcement was made on November 27, 2024.
This acquisition marks a critical step in Access Bank’s journey to becoming the world’s most respected African bank. In July 2023, the company disclosed plans to acquire several Standard Chartered subsidiaries in sub-Saharan Africa. This bold move also includes operations in Cameroon, The Gambia, and Tanzania.
The integration of Standard Chartered’s established operations in these regions positions Access Bank to enhance service offerings for both corporate and small-to-medium enterprise (SME) clients, bridging the gap in financial services and fostering economic development in underserved markets.
How the Acquisition Impacts Access Bank’s Growth
Roosevelt Ogbonna, CEO of Access Bank Plc, expressed optimism about the acquisition’s potential to enhance the bank’s profitability and market dominance. He stated:
“These transactions create synergies that enhance the quality of our earnings from both countries by significantly increasing our market share in corporate and SME banking.”
The acquisitions are part of a broader initiative to diversify the bank’s revenue streams and establish a sustainable growth model across multiple African markets. The move is expected to generate stronger returns and strengthen Access Bank’s position as a leading financial institution in sub-Saharan Africa.
Over the past few years, Access has demonstrated a clear strategy for expansion through acquisitions. Some of its notable milestones include:
- Acquiring an 80% stake in Uganda’s Finance Trust Bank.
- Fully purchasing the National Bank of Kenya, further extending its reach in East Africa.
- Acquiring African Banking Corporation of Tanzania, rebranded as Access Bank Tanzania.
- Merging with ARM Pensions Managers, creating one of Nigeria’s largest pension administrators.
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