Herbert Wigwe, Access Bank’s Managing Director/CEO |
The agreement sets in motion the quest to broaden AccessBank’s presence in the Southern African country to 70 branches and agencies,
customer base to 300,0000 and total assets with a value in the neighbourhood of
$1 billion through the combined entity, the lender stated in a note to the
Nigerian Exchange Limited on Monday.
It also hinted at the possibility of upping its stake in the
entity after the deal is delivered.
The Herbert Wigwe-led bank has been hyperactive in Africa’s
merger and acquisition market this year, the immediate target of expansion
being the Southern Africa region where four takeovers have already been
completed in economies as diverse as Mozambique, South Africa, Zambia and
Botswana.
Access Bank ended trade in Lagos on Monday at N9.45 per
share, declining by 0.53 per cent.
Three of the banks purchased through the acquisitions were
from Atlas Mara Limited, the holding company, which owns African Banking
Corporation and the biggest shareholding in Union Bank of Nigeria Plc
translating to 49.97 per cent of the lender’s issued share capital.
Bloomberg said in January Atlas Mara could be considering
offers to purchase its stake in Union Bank from Access Bank and Zenith Bank.
“The merger of Atlas Mara Zambia with Access Bank Zambia is
expected to augment our presence in Zambia and the broader COMESA region,
Africa’s largest free trade area,” CEO Wigwe said in the statement.
Access Bank, whose grand aspiration is to be Africa’s financial gateway to the world, expects its operation outside Nigeria, its base, to bring as much as 30 per cent to the group’ pool of profit this financial year.
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