Access, Fidelity Lead as Banks Acquire Other Banks in Africa

In the last four years, Access Bank has made make inroads into other African markets by acquiring other banks and financial institutions in African countries.

Access Bank parent company, Access Holdings pumped $300 million into the bank to ramp up its acquisition spree in Africa and expand its tentacles across the continent. Information Guide Nigeria

As reported by LEGIT NG, in 2021, Access Bank announced its plans to consolidate its operation in Mozambique into a single banking unit by acquiring another bank in the Southern African country.

It sealed a deal to acquire African Banking Corporation, supported by Atlas Mara Limited, a London-listed financial services group.

The bank did not disclose the amount spent acquiring the Mozambican bank. Analysts say the bank wants its business outside Nigeria to provide 30% of the group’s revenue and profit. NYSC Portal

Also, in 2021, Access Bank announced it acquired a controlling share in another Southern African bank, Grobank.

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PREMIUM TIMES reported that the bank officially renamed itself Access Bank, Premium Times reports said.

In June 2021, Reuters reported that Access acquired a majority stake in the African Banking Corporation of Botswana for cash, one month after acquiring Grobank.

According to Reuters  Access Bank is expanding across Africa to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, reducing the lending market.

In January this year, Bloomberg also reported that Access Bank might be considering the purchase of Atlas Mara, a deal that the bank sealed a few weeks ago with the acquisition of the Zambian Bank.  JAMB Portal

A Legit.ng report quotes Access Bank saying: “The merger of Atlas Mara Zambia with Access Bank Zambia is expected to augment our presence in Zambia and the broader COMESA region, Africa’s largest free trade area,” CEO Wigwe said in the statement. JAMB Result

Access Bank also acquired Kenya’s Sidian Bank for $36.7 million in June last year, and the deal will see Access Bank take over about 83.4% of shares in the Kenyan Bank. Access Bank’s CEO Roosevelt Ogbonna said the deal would help Access Bank to continue to strengthen its presence in Kenya.

(Legit.ng)

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