In line with its quest to be the world’s most respected African Bank, Access Bank Plc has successfully completed the acquisition of African banking Corporation (BancABC Mozambique), a subsidiary of Atlas Mara Limited.
Sunday Ekwochi, company secretary of Access Bank Plc stated this in a statement on Tuesday, noting that the completion of the deal would see the bank integrating and merging of BancABC Mozambique into its operation. Adding that the acquisition is expected to push the bank to become the seventh largest bank in the Mozambican banking market.
Recall that in September 2020, Access Bank Plc began the process of acquiring the financial institution, which is one of many other acquisitions in recent times
The statement read, “Further to its announcement on 20th September 2020, Access Bank Plc is placed to announce that its wholly owned banking subsidiary, Access Bank Mozambique has completed the acquisition of African banking Corporation (BancABC Mozambique), a subsidiary of London Stock Exchange listed group, Atlas Mara Limited.
“With the completion of the acquisition, Access Bank Mozambique will now move towards integrating and merging of BancABC Mozambique into its operation, which is expected to create the seventh largest bank in the Mozambican banking market.
Commenting on the Access Bank Mozambique acquisition, the Group Managing Director and Chief Executive Officer, Herbert Wigwe said, “We are pleased with the completion of this acquisition, which significantly strengthens our banking franchise in Mozambique and represents a transformational step in our growth plans in the country and the broader southern African region.”
He added that, “We are building the scale necessary to compete efficiently and efficiently in key African market s outside Nigeria and ensure we sustainably deliver strong return on invested capital in our African expansion. Scale is an important contributor to returns and this transaction is consistent to our rigorous effort to crerte a strong presence with scale across Africa, an in line with our vision to be the world’s most respected African Bank.”
The completion of the BancABC Mozambique deal is coming barely two weeks after Grobank Limited South Africa was formally renamed Access Bank South Africa Limited, following the successful acquisition and regulatory approvals.
The deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa. Earlier in the year. the lender acquired 78.15 percent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana, a subsidiary of Atlas Mara Limited.
In January 2021, Access Bank disclosed that it has acquired Zambian-based Cavmont Bank Limited after key conditions were met.
The tier – 1 bank is currently operating through a network of more than 600 branches and service outlets, spanning 3 continents, 12 countries and over 31 million customers, across Africa and the United Kingdom (with a branch in Dubai) and representative offices in China, Lebanon and India.