2023-07-15 07:41:00
(Ecofin Agency) – The Nigerian financial group will enter the Tanzanian banking market for the 1st time and will strengthen in 4 sub-Saharan countries if it obtains regulatory approvals to acquire the subsidiaries of Standard Chartered in Angola, Cameroon, Gambia, Sierra Leone and in Tanzania.
The Nigerian financial services holding Access Holdings has begun the process of buying out the majority shares of the British Standard Chartered in its Angolan, Gambian, Sierra Leonean, Cameroonian and Tanzanian subsidiaries. If the operation obtains all the necessary regulatory approvals, Access Holdings will then be active in 15 African countries, compared to 14 currently.
The financial holding company will in fact enter the Tanzanian banking market for the first time, while it will strengthen itself in the 4 other markets where it is already established. “These transactions reinforce our strategy aimed at consolidating our presence in sub-Saharan Africa in order to exploit synergistic opportunities for diversification and to increase our revenues,” said Herbert Wigwe, CEO of the Nigerian financial group.
It should be noted that Access Holdings is present in Angola via the commercial bank Finibanco, which it controls up to 51%. In Cameroon, it obtained the authorization to exercise its banking activity at the beginning of April 2022. In Sierra Leone, it started its activities in November 2007 and in Gambia, Access Bank obtained its authorization for the exercise of the activity. commercial bank in October 2006.
Charmberline Moko
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