Access Bank of Nigeria has announced that its banking subsidiary, Access Bank Mozambique has completed the acquisition of African Banking Corporation, S.A., or BancABC Mozambique, a subsidiary of London Stock Exchange listed group, Atlas Mara Limited.
With the completion of the acquisition, Access Mozambique will move towards integrating and merging BancABC Mozambique into its operations, which is expected to create the seventh largest bank in the Mozambican market.
Commenting on Access Mozambique’s acquisition, Herbet Wigwe, GMD/CEO Access Bank said:
“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. We are building the scale necessary to compete effectively and efficiently in key African markets outside Nigeria and ensure we sustainably deliver strong return on invested capital in our African 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 the World’s Most Respected African Bank.”