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Access Bank Plc has completed the acquisition of Standard Chartered Bank Angola and Standard Chartered Bank (Sierra Leone] Limited. Standard Chartered headquartered in the UK, and Access Bank Plc in 2022 entered into agreements for the sale of Standard Chartered’s shares in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private and Business Banking business in Tanzania, to Access Bank.
The acquisition in Angola followed the merger of the already existing Access Bank Angola (formerly Fribanco) and Standard Chartered Bank Angola. Following the merger, Access Bank PLC acquired the activities of Standard Chartered Bank, taking over its share capital.
This deal comes less then two years after Access Bank entered the Angolan market through the purchase of shares in the Portuguese Finibanco from the Portuguese bank Banco Montepio (with 51% of the shares), and other shareholders, bringing together 99.80% of the bank's shares.
Access Bank SL - Limited entered the Sierra Leone market in 2007.
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