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“We are pleased with the completion of this acquisition which significantly strengthens our banking franchise in Mozambique and represents a transformational step in our growth plans in the country and the broader Southern Africa region,” Herbert Wigwe, CEO of Access Bank, said. “We are building the scale necessary to compete effectively and efficiently in key African markets outside Nigeria and ensure we sustainably deliver a strong return on invested capital in our Africa expansion. Scale is an important contributor to returns, and this transaction is consistent with our rigorous efforts to create a strong presence with scale across Africa, and in line with our vision to be World’s Most Respected African Bank.
With the new deal, Access Bank Plc took advantage of the strategic review and restructuring of Atlas Mara in Africa. Two weeks ago, the financial services holding company announced assets sales in Botswana after completing deals in Mozambique, Rwanda, and Tanzania.Access Bank Plc, Nigeria’s tier-1 bank, is also finalising regulatory approvals to acquire 78.15 per cent shareholding in the African Banking Corporation of Botswana Limited .
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