The Central Bank of Angola, Banco Nacional de Angola, has approved Access Bank’s plan to acquire the majority equity stake in the country’s lender, Finibanco Angola S.A.
Banco Nacional de Angola’s approval followed that of the Central Bank of Nigeria (CBN). Access Bank now awaits the approval of the Angolan Competition Authority to seal the deal.
According to Access Holdings, the parent company of Access Bank, the minority shareholders of Finibanco Angola S.A have agreed to sell their shares, which are 80 per cent of the Angolan commercial bank.
Access Holdings revealed this in a statement filed with the capital market authority, Nigerian Exchange Limited (NGX) on Wednesday.
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The statement reads: “The Central Bank of Nigeria had previously granted its approval to the Transaction and the Bank expects to receive the approval of the Angolan Competition Authority in the coming days, which would complete the requirements for regulatory approvals for the Transaction, enabling the Bank to initiate completion of other customary conditions precedents to close the Transaction.
“The Bank has also signed agreements with minority shareholders of Finibanco Angola S.A. who have expressed an interest to sell their shares concurrently and targets to attain a total shareholding above 80% in Finibanco Angola S.A. at the completion of the Transaction.”
Commenting on the approval from Angola’s central bank, the Group Chief Executive Officer, Access Holdings, Herbert Wigwe, said: “We are pleased to be well-positioned to join the select league of banks providing high value financial services to high-growth businesses and the rising consumer sector in Angola.
“The Bank brings a lot of value-add and expertise that will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola, while complementing our strategic growth objectives in the broader SADC region”.