Access Bank to acquire 80% stake in Uganda's Finance Trust
The agreement also includes the simultaneous acquisition of shares held by FTB's institutional shareholders who are seeking to exit to a strategic, long-term shareholder, a statement from the lender said.
The transaction will enable the merging of technological resources between Access and Finance Trust. This integration aims to provide Finance Trust’s customers with access to secure digital platforms, enhancing their experience with transactions and banking services facilitated by Access.
Points clés à retenir
Access Bank, Nigeria's largest lender by assets, is strategically leveraging acquisitions to drive its expansion plans. The bank aims to extend its operations to 26 countries within the next four years, up from its current presence in 16 countries. Its expansion strategy includes entering new markets such as the United States, France, Hong Kong, and Malta, along with several African countries, including Namibia, Angola, Ethiopia, and Egypt. The recent completion of the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia, demonstrates Access Bank's commitment to its expansion goals. In addition, the bank has made significant acquisitions, including the majority equity stake in Angola's Finibanco S.A. Further, there are at least six other deals in the pipeline across different markets in Africa. Access Bank has already secured deals for the acquisition of Standard Chartered Bank's banking businesses in Angola, Cameroon, The Gambia, Sierra Leone, and Tanzania, as well as the majority stake in African Banking Corporation Tanzania Limited.