DEAL: Access Bank Has Completed Acquisition of BancABC Mozambique
Access Bank Plc announced earlier this morning that it has finalised the acquisition of BancABC Mozambique through its wholly-owned banking subsidiary, Access Bank Mozambique SA. The latest announcement is coming nine months after the tier-1 Nigerian bank first disclosed that acquisition talks were ongoing.
Following the completion of the acquisition, Access Bank Mozambique SA will begin the integration process by merging BancABC Mozambique into its operations. At the end of the process, Access Bank is expected to emerge as the seventh largest bank in Mozambique.
A corporation action that was seen by Business Elites Africa quoted Chief Executive Officer, Herbert Wigwe, to have said that the entire Access Bank team was pleased with the acquisition. He also emphasised that the bank is putting in place the right scale that will enable it to compete advantageously across African markets.
“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 in 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 strong return on invested capital in our African expansion. Scale is an important contributor to returns and this transaction is consistent with our rigorous efforts to create strong presence with scale across Africa, and in line with our vision to be the world’s most respected African bank,” Wigwe said.
Recall that Access Bank had announced last month that it had gone into a binding and definitive agreement with ABC Holdings Limited to acquire 78.15% stake in African Banking Corporation of Botswana Limited. Prior to that time, the bank had also recently made a number of other acquisitions, both within its home country Nigeria and elsewhere.
Access Bank is one of the most profitable and valuable banks in Nigeria. Its latest earnings report for Q1 2021 showed that profit after tax grew by 28% to N53 billion.
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