Access Bank Plc and Montepio Holding SGPS S.A. have agreed to buy a majority share of Finibanco Angola S.A., one of the largest banks in Angola, for 51% of the company’s shares.
Access Holdings Plc, the holding company for Access Bank, stated in a regulatory filing made yesterday at the Nigerian Exchange (NGX) that the Transaction would be carried out through the acquisition of existing shares held by Montepio, the holding company for Banco Montepio, one of Portugal’s reputable commercial banks. A full-service commercial bank with over 20 branches and approximately $300 million in total assets, Finibanco Angola S.A. (Finibanco) is profitable and well-capitalized. Since 2008, it’s been working in Angola.
Due to its extensive and diverse natural resource base, Angola has the sixth-largest economy in Africa and the seventh-largest country overall.
With a sizable and diverse base of natural resources, a rising population, and the sixth-largest economy in Africa, Angola is the seventh-largest country overall.
Following fulfillment of customary precedent conditions, the transaction, which is pending regulatory approvals in Nigeria and Angola, is anticipated to close in the first half of 2019. It will be completed at the standard completion audit price of 1.0 times tangible book value less pre-agreed adjustments.
