Wasilat AzeezAccess Holdings Plc, the holding company of Access Bank Pl, has announced its planned acquisition of a majority equity stake of 51 percent in Finibanco, an Angolan Bank.
Ekwochi said 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.According to him, the Angolan market is the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population representing a strong potential for the bank’s growth aspiration.
“It will be consummated at 1.0x tangible book value less pre-agreed adjustments to be determined by a customary completion audit.
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