Fakoyejo OlalekanAccess Bank and Montepio Holding SGPS S.A have entered into an agreement for the acquisition of Finibanco Angola S.A, as the Nigerian bank expands its operation in the African market.
In a statement dated October 4, 2022,which was sent to the investing public, and obtained by Prime Business Africa, it was gathered that Access Bank will purchase 51% majority shareholding in Finibanco.
Join our WhatsApp ChannelWith the impending stake acquisition, Access Bank will have controlling decision in the affairs of Finibanco, a company with a total asset worth of $300 million, and has over 20 branches in Angola.
The acquisition is still subject to regulatory approval, but according to the statement, Access Bank is taking over the existing shares owned by Montepio, the holding company for Banco Montepio, one of Portugal’s well-established commercial banks.
“The Transaction, which is subject to regulatory approvals in Nigeria and Angola is expected to close in the first half of 2023 following fulfillment of customary conditions precedents.” Access Holdings, the parent company of Access Bank said in the statement.
It added that, “It will be consummated at 1.0x tangible book value less pre-agreed adjustments to be determined by a customary completion audit. Upon completion of the Transaction, the Bank is expected to increase its shareholding in Finibanco S.A and has reached certain conditional agreements in this regard.”
Commenting on the acquisition, the Group Chief Executive Officer of Access Holdings, Herbert Wigwe, stated, “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.
“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.”
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