Access Bank, Nigeria’s largest lender, has acquired Mozambique’s African Banking Corporation, another milestone achievement in Access Bank’s expansion goals.
It made the disclosure in a press release.
This would be Access Bank’s fifth acquisition in almost half a decade. Diamond Bank and Transnational Bank (Kenya) Plc acquisitions were both completed in 2019 by Access bank. Also, the bank announced the merger with Cavmont Bank Limited in August 2020, and the process was completed in January 2021.
Access bank is also finalizing regulatory approvals to acquire 78.15 percent shareholding in the African Banking Corporation of Botswana Limited (BancABC Botswana) and has now completed the acquisition of Mozambique’s African Banking Corporation.
Herbert Wigwe, CEO of Access Bank, stated that the acquisition is in line with their growth plan as they gain formidable footing to solidify their hold of southern Africa. He 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 Africa region, We are building the scale necessary to compete effectively and efficiently in key African markets outside Nigeria and ensure we sustainably deliver a strong return on invested capital in our Africa expansion. Scale is an important contributor to returns, and this transaction is consistent with our rigorous efforts to create a strong presence with scale across Africa, and in line with our vision to be World’s Most Respected African Bank.”