Access Bank Plc Acquires, Plans Integration, Merger Of BancABC Mozambique

The board of Access Bank Plc, on Tuesday, said it is going ahead with the integration and merger of its subsidiary in Mozambique and BancABC, an arm of London Stock Exchange-listed Atlas Mara Limited, into a single entity.

The move, according to a notice filed with the Nigerian Exchange Limited (NGX), by Sunday Ekwochi, its company secretary, is expected to create the seventh largest bank in the Mozambican banking industry, followed regulatory and shareholder approvals.

Commenting on deal, Herbert Wigwe, Group Managing Director/Chief Executive of Access Bank expressed pleasure at the completion, which he said “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.”

Access Bank, he noted, is “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.”

Continuing, he noted the important contribution of scale to returns on investment, just as he assured that “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.”

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