In a regulatory filing at the Nigerian Exchange (NGX), Access Holdings Plc-the holding group for Access Bank, stated that the Transaction would be effected through the purchase of existing shares owned by Montepio-the holding company for Banco Montepio, one of Portugal’s well-established commercial banks.
The transaction, subject to regulatory approvals in Nigeria and Angola, is expected to close in the first half of next year, following fulfillment of customary conditions precedents.
It will be consummated at 1.0 time tangible book value less pre-agreed adjustments to be determined by a customary completion audit.
Access Bank, upon completion of the transaction, is expected to increase its shareholding in Finibanco S.A.
Group Chief Executive Officer, Access Holdings Plc, Dr Herbert Wigwe, said the Angolan acquisition represents a strong potential for the bank’s growth aspiration.
According to him, the transaction furthers the bank’s strategy to be Africa’s payment gateway to the world while working with other Africa-focused multilaterals to provide robust and efficient payment platforms and ecosystems to serve the continent.
Wigwe noted that the prospective operation is expected to contribute strongly to the bank’s growth path and financial results over the long-term.
“At Access, our vision remains clear as ever and our determination to harness accretive opportunities within and outside Nigeria is our core strategic focus. Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges”, he said.