Access, Fidelity Lead as Nigerian Banks Acquire Other Banks in Africa

 Access, Fidelity Lead as Nigerian Banks Acquire Other Banks in Africa

 

Access Bank is leading other Nigerian banks in an acquisition spree in Africa The bank has, in the last four years, acquired about four banks in Africa as it continues its African dominance Also, Fidelity Bank announced the acquisition of Union Bank UK in June 2022 PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters! In the last four years, 

Access Bank seems insatiable with its desire to make inroads into other African markets by acquiring other banks and financial institutions in African countries. Recently, Access Holdings, the bank's parent company, pumped $300 million into the bank to ramp up its acquisition spree in Africa and expand its tentacles across the continent. Ads by Access Bank leads the quest for expansion across Africa. Source: Getty Images 

Access Bank in a war mood to dominate Africa In the last four years, the bank has acquired more than three banks in three African countries, which analysts see as an ambitious move to dominate the African banking space. 

 Access Bank announced its plans to consolidate its operation in Mozambique into a single banking unit by acquiring another bank in the Southern African country.

 The bank's subsidiary sealed a deal to acquire African Banking Corporation, supported by Atlas Mara Limited, a London-listed financial services group. However, the bank did not disclose the amount spent acquiring the Mozambican bank.

 Analysts say the bank wants its business outside Nigeria to provide 30% of the group's revenue and profit. The same year, Access Bank announced it acquired a controlling share in another Southern African bank, Grobank.

 The bank officially renamed itself Access Bank, Details news reports said. In June 2021, Reuters reported that Access acquired a majority stake in the African Banking Corporation of Botswana for cash, one month after acquiring Grobank. 

 The report added that Access Bank is expanding across Africa to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, reducing the lending market. In January this year, Bloomberg also reported that Access Bank might be considering the purchase of Atlas Mara, a deal that the bank sealed a few weeks ago with the acquisition of the Zambian Bank.

 Report quotes Access Bank saying: "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 also acquired Kenya's Sidian Bank for $36.7 million in June last year, and the deal will see Access Bank take over about 83.4% of shares in the Kenyan Bank. Access Bank's CEO Roosevelt Ogbonna said the deal would help Access Bank to continue to strengthen its presence in Kenya.