Access Holdings has completed its bid to gain a foothold in Africa’s second-biggest oil producer, Angola, about two and a half months after announcing it had scaled regulatory hurdles to acquire the country’s Finibanco S.A. Bank.
The move expands the territory of Nigeria’s biggest financial services group in the southern part of the continent, where it has already ventured into strategic markets including South Africa, Botswana and Zambia in addition to Mozambique. Angola is sub-Saharan Africa’s biggest economy after Nigeria and South Africa.
“Our plan is to leverage our expansive distribution network, best-in-class technology, risk and governance practices to serve high-growth businesses and the rising consumer sector in Angola,” CEO Herbert Wigwe said in the statement announcing the acquisition.
