Access Bank Plc on Wednesday announced the successful acquisition of Standard Chartered Bank‘s subsidiaries in Angola and Sierra Leone. This strategic move enhances Access Bank’s footprint across Africa and strengthens its position in the corporate and SME banking sectors.
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Strategic expansion in Africa
The acquisition aligns with Access Bank’s vision of becoming “the World’s Most Respected African Bank.” Roosevelt Ogbonna, the Managing Director/CEO of Access Bank, stated, “We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries.”
This expansion increases Access Bank’s market share and enhances its ability to meet these regions’ growing demand for financial services.
Future prospects
Access Bank is also working on acquiring Standard Chartered’s operations in Cameroon, The Gambia, and its consumer banking business in Tanzania. These efforts reflect Access Bank’s commitment to fostering economic integration and improving African financial accessibility. The bank aims to leverage its new acquisitions to facilitate trade finance and support local businesses in key growth markets, Angola and Sierra Leone.
This acquisition marks a significant milestone for Access Bank, which continues expanding its operations and influence throughout Africa.
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About Access Bank
Access Bank Plc, established in 1989, is one of Nigeria’s leading multinational commercial banks. Initially focused on corporate banking, it has transformed into a full-service financial institution with a significant presence across Africa. The bank’s growth accelerated under the leadership of Aigboje Aig-Imoukhuede, particularly after its merger with Diamond Bank in 2019, making it the largest bank in Africa by customer base.
Access Bank operates over 600 branches in multiple countries, including Nigeria, Sierra Leone, and Zambia, and serves over 42 million customers. The bank prioritises innovation, investing in technology to enhance digital banking services. Additionally, Access Bank is committed to corporate social responsibility initiatives that promote sustainable economic development. In 2024, “The Power of 100 Africa” was launched to celebrate women making impactful contributions across various sectors. Access Bank strives for excellence while fostering financial inclusion throughout the continent.
