Entry Holdings PLC has introduced that its predominant subsidiary, Access Bank Plc, has efficiently accomplished the acquisition of Commonplace Chartered Bank Angola S.A. and Commonplace Chartered Bank (Sierra Leone) Restricted.
This replace was revealed on the NGX disclosure web page and signed by the corporate secretary, Sunday Ekwochi, on November 27, 2024.
The announcement follows an earlier assertion from July 14, 2023, through which Entry Holdings Plc disclosed that Access Bank Plc had reached an settlement to amass a number of of Commonplace Chartered’s sub-Saharan African subsidiaries.
A yr after asserting its plans, Entry Holdings Plc has confirmed the completion of this important acquisition, stating:
“Entry Holdings Plc is happy to announce that its flagship subsidiary, Access Bank Plc, has accomplished the acquisition of Commonplace Chartered Bank Angola S.A. and Commonplace Chartered Bank (Sierra Leone) Restricted.”
As well as, the corporate introduced that it’s working to finalize the acquisition of Commonplace Chartered Bank’s subsidiaries in Cameroon and The Gambia, in addition to its Client, Non-public, and Enterprise Banking operations in Tanzania.
Backstory
On July 14, 2023, Entry Holdings Plc and Commonplace Chartered Bank introduced an settlement for Access Bank Plc, to amass Commonplace Chartered’s sub-Saharan African subsidiaries.
- This acquisition deal included Access Bank buying Commonplace Chartered’s stakes in subsidiaries primarily based in Angola, Cameroon, Gambia, and Sierra Leone. Moreover, Access Bank agreed to amass Commonplace Chartered’s Client, Non-public, and Enterprise Banking operations in Tanzania.
- The settlement got here on the heels of Access Bank’s earlier acquisition of a 51% majority fairness stake in Finibanco Angola, reinforcing its dedication to increasing its presence in Africa.
- In 2024, Entry Holdings pursued its progress technique with a number of notable acquisitions. These embrace an 80% stake in Uganda’s Finance Belief Bank, the total acquisition of Nationwide Bank of Kenya, and the acquisition of African Banking Company of Tanzania, now working as Access Bank Tanzania.
- Past banking, the corporate has expanded its portfolio by merging with ARM Pensions Managers to kind Entry ARM Pensions, now considered one of Nigeria’s bigger pension directors.
The newest announcement on November 27, 2024, provides to Entry Holdings’ increasing acquisition portfolio, additional extending its presence within the monetary providers sector.
CEO’s remark
Commenting on the acquisitions introduced on November 27, 2024, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and CEO of the Banking Group, expressed satisfaction with the profitable completion of two main offers in Angola and Sierra Leone.
“We’re happy to have efficiently concluded two vital acquisitions in Angola and Sierra Leone,” Ogbonna mentioned. “These transactions create synergies that improve the standard of our earnings from each international locations by considerably growing our market share in company and SME banking.”
He added, “These mixtures mark one other pivotal step in realizing our broader imaginative and prescient of changing into the world’s most revered African bank.”
Entry Holdings is Nigeria’s largest monetary providers firm by complete belongings, supported by its deal with progress by mergers and acquisitions.
The corporate’s inventory, at the moment buying and selling at N23, has proven constant progress in 2024, constructing momentum for the reason that third quarter.
Be First to Comment