Why Herbert Wigwe's Access Purchased Angolan Bank Finibanco
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News - July 14, 2023

Why Herbert Wigwe’s Access Purchased Angolan Bank Finibanco

Herbert Wigwe’s Access Holdings Plc recently completed the acquisition of a majority 51-percent stake in Finibanco Angola.

This comes as the prominent financial services conglomerate based in Lagos seeks to establish an ecosystem that connects Africa to the rest of the world. It also fits into the company’s decision of becoming a multinational bank.

The recent development was published in a press release on the Nigerian Exchange. The acquisition which was executed via its flagship banking unit, Access Bank Plc, showcases the holding’s commitment to making disciplined and well-structured investments.

What you need to know about Angolan bank Finibanco

Finibanco Angola S.A. is a fully capitalised commercial bank with full-service offerings. It has over 20 branches and $300 million in total assets.

The fully capitalised commercial bank functions as an all-encompassing bank of assistance for small and medium-sized businesses, private citizens, and Angolan exports.

Herbert Wigwe’s reasons for acquiring Finibanco

Speaking on the completion of the acquisition, Wigwe said, “We plan to leverage our expansive distribution network, best-in-class technology, risk, and governance practices to serve high-growth businesses and the rising consumer sector in Angola.”

He also added that they “will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola in line with our strategic growth objectives in the broader South Africa Development Community while delivering value to our stakeholders.” 

Recall that Wigwe earlier stated that their focus is to harness accretive opportunities within and outside Nigeria. He said, “Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges.”

What Access Holdings Represent

Access Holdings stands as one of Nigeria’s largest financial services groups by assets and one of the most capitalized financial institutions on the Nigerian Exchange. Its operations include South Africa, Ghana, Kenya, Nigeria, Rwanda, Gambia, Mozambique, and, most recently, Angola.

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