Access Holdings gets regulatory approval to buy Angolan Bank

04 May Access Holdings gets regulatory approval to buy Angolan Bank

Access Holdings has received the second of the three regulatory approvals for the takeover of Finibanco Angola S.A., the group said in a statement issued Wednesday. The move followed authorisation from the Central Bank of Angola.

The phase that requires both parties to meet regulators’ demands will be concluded in the days ahead, with the final authorisation expected from the Angolan Competition Authority.

That will set up Access Bank (Access Holdings commercial banking subsidiary) for the decisive stage of the acquisition, where the lender expects “to initiate completion of other customary conditions precedents to close the transaction.”

Prior to the announcement, the deal had been sanctioned by the Central Bank of Nigeria.

The group disclosed last October Access Bank had in place a binding agreement to procure a majority shareholding of 51 per cent in Finibanco, which runs over 20 branches in Angola.

The shares to be purchased through the transaction are to come from Montepio, the holding company for the Portuguese lender Banco Montepio.

According to the latest plan, Access Bank is setting sights on scaling the stake up to 80 per cent, having entered into an agreement with minority shareholders of Finibanco, who are keen to offload their holdings.

Finibanco kicked off banking services in Angola in 2008 and is now worth $300 million in total assets.

“The Bank (Finibanco) 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,” said Herbert Wigwe, CEO Access Holdings.