Access Bank has completed its acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited, its parent Access Holdings announced on 27 November 2024 in a filing with the Nigerian Exchange Limited. The transaction, which was originally announced on 14 July 2023, transfers two of Standard Chartered's African banking subsidiaries to Access Bank.
DISCLOSURE
Access Bank disclosed the completion to investors through its filing with the Nigerian Exchange Limited. The disclosure confirmed that both entities have been transferred. Financial terms of the transaction were not disclosed.
FURTHER TRANSACTIONS PENDING IN THREE MORE MARKETS
Access Bank's broader acquisition programme with Standard Chartered extends beyond Angola and Sierra Leone to cover three additional African markets. At the time of the completion announcement on 27 November 2024, transactions covering Standard Chartered's subsidiaries in Cameroon and the Gambia and its Consumer, Private and Business Banking business in Tanzania remained outstanding, pending the necessary regulatory approvals in each of those jurisdictions.
Chief executive Roosevelt Ogbonna described the deals as another significant step towards the bank's vision of becoming "the World's Most Respected African Bank".