Access Holdings Plc has disclosed that Access Bank Plc, a wholly owned subsidiary, has reached a legally binding agreement to purchase a 51% majority stake in Finibanco Angola S.A. from Montepio Holding SGPS S.A.
This information was disclosed in a release posted on the Nigerian Exchange (NGX) Limited and signed by Sunday Ekwochi, the Access Holding corporate secretary.
In accordance with the press release, Finibanco Angola S.A. has been conducting business in Angola since 2008 and is a successful, well-capitalized full-service commercial bank with over 20 branches and about $300 million in total assets. 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.
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“The Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population represents a strong potential for the Bank’s growth aspiration.”
Access Holdings said that “the transaction furthers the Bank’s 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.
