Access Bank PLC Completes Acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited
Lagos Nigeria - November 27, 2024: Further
to our July 14, 2023 announcement regarding the above subject, Access Holdings
PLC (‘Access Holdings’ or ‘the Company’) is pleased to announce that its
flagship subsidiary, Access Bank PLC (‘Access Bank’ or ‘the Bank’) has
completed the acquisition of Standard Chartered Bank Angola S.A and Standard
Chartered Bank (Sierra Leone] Limited (‘the Acquisitions’).
Commenting on the completion milestone,
Roosevelt Ogbonna, the MD/CEO of Access Bank PLC and CEO of the Banking Group
said:
‘We are pleased to have successfully
concluded 2 important acquisitions in Angola and Sierra Leone, affording us
synergies to strengthen the quality of our earnings from both countries by
significantly growing our share of the Corporate and SME banking in the two
markets. The combinations represent another significant step towards our
broader vision of becoming the Worlds Most Respected African Bank.’
The parties are working on the
completion of transactions that would see Access Bank acquire Standard
Chartered Bank’s subsidiaries in Cameroon, the Gambia and its Consumer,
Private and Business Banking business in Tanzania.
Access Holdings shall continue to make
disclosures as and when required.
SUNDAY EKWOCHI
COMPANY SECRETARY
About Access Holdings PLC
Access
Holdings PLC (‘the Company’) operates through a network of more than 700 branches and
service outlets, spanning three continents, 23 countries and over 60 million
customers. The Company serves its various markets through four subsidiaries
across the banking, payment, pension administration and insurance sectors
through four operating companies, viz: Access Bank PLC, Hydrogen Payment
Services Company Limited, Access Pensions Limited, and Access Insurance Brokers
Limited.
Access
Bank PLC serves its various markets through three business segments- Corporate and Investment, Commercial and
Retail and has enjoyed what is Africa’s most successful banking growth
trajectory in the last twenty-two years. Following its merger with Diamond Bank
in March 2019, Access Bank Plc became one of Africa’s largest retail banks by
customer base and the Nigeria's largest bank by total assets.
Hydrogen
Payment Services Company Limited, the payment company, leverages the strong
suite of the Bank’s existing assets and customer base, creating a super fintech
that will be Africa’s most powerful business services network. Hydrogen being a
company of African heritage has a clear understanding of the unique payment challenges
across the continent and is positioned to address these challenges with its
offerings. Its range of products and services, such as InstantPay, Payment
gateway, POS services, Card and Switch processing are gaining traction in the
marketplace and addressing the unique needs of customers.
Access
ARM Pensions Limited, formerly Access Pensions Limited, is one of Nigeria’s largest Pension Funds
Administrator (‘PFA’) by customer base and Assets Under Management, with nearly
₦3 trillion in assets under management and serving over 2 million Retirement
Savings Account holders.
Access ARM Pensions Limited is the product of
several separate entities. The erstwhile Access Pensions Limited first
became a subsidiary of Access Holdings following the acquisitions of the
former First Guarantee Pension Limited and Sigma Pensions Limited and their
subsequent merger. Subsequently, Access Pensions Limited merged with ARM
Pensions Managers Limited to then form Access ARM Pensions Limited. As one of
Nigeria’s leading PFAs, Access
ARM Pensions Limited will leverage key relationships and Access’ growing
ecosystem across Africa to unlock greater opportunities for customers.
Access
Insurance Brokers Limited is a company licensed by the National Insurance
Commission that provides intelligent solutions that mitigate the unique risks
faced by individuals and business in an ever-changing world using leading risk
management tools and governance standards.
The Company strives
to invest in businesses that are committed to sustainable practices and have a
positive impact on the environment.
For media
inquiries, please contact:
Olakunle
Aderinokun
Head, Media
Relations
Access
Holdings PLC
+2348033204315
aderinokuno@theaccesscorporation.com
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