(Ecofin Agency) - Nigerian financial group Access Holdings has completed the acquisition of a 51% stake in Finibanco, an Angolan commercial bank. The transaction, initiated on October 5, 2022, has now met all necessary conditions and received regulatory approval.

On July 13, Access Holdings officially announced the finalization of the majority stake acquisition in Finibanco Angola. As the new major shareholder, the Nigerian financial services group aims to leverage its distribution network, technology, and risk management practices to support the growth of businesses and the flourishing consumer sector in Angola, according to Herbert Wigwe, CEO of Access Holdings.

The deal is completed two months after approval from the Central Bank of Angola. Access Holdings announced the initial steps for the acquisition on October 5, 2022. The agreement was signed with Montepio Holdings SGPS S.A, a Portuguese holding company, which proposed to sell its Finibanco stakes to Access Holdings. But, the plan was still to be approved by regulatory authorities.

On May 2, 2023, the central bank authorized Access Bank Plc, the banking subsidiary of Access Holdings, to acquire a 51% stake in Finibanco Angola.

With the deal now completed, Access Holdings now boasts 13 banking subsidiaries, marking its entry into the Angolan banking market. This move strengthens the Nigerian financial group's presence within the Southern African Development Community, aligning with its strategic growth objectives.

Chamberline Moko