Access Holdings Plc has officially declared that its primary subsidiary, Access Bank Plc, has reached a definitive agreement with Uganda-based Finance Trust Bank Limited (FTB) and its Selling Institutional Shareholders for the procurement of a majority equity stake in FTB. The transaction, subject to regulatory approvals from the Central Bank of Nigeria and the Bank of Uganda, involves Access Bank acquiring a majority stake from existing shareholders and injecting capital into FTB to boost its capital base.
Upon the successful conclusion of customary conditions precedent and the expected closing of the transaction in the first half of 2024, Access Bank is set to possess an estimated 80% shareholding in FTB. Herbert Wigwe, the Group Chief Executive of Access Holdings, views this development as a significant milestone, bringing the company closer to its five-year plan by expanding into key markets.
Wigwe emphasised the importance of the transaction for Access Bank, stating that it aligns with their strategic plan, supporting economic prosperity, promoting Africa trade, advancing financial inclusion, and empowering individuals to achieve their financial aspirations. The expansion into Uganda is seen as instrumental in realising Access Bank’s vision to become Africa’s Payment Gateway to the World.
Roosevelt Ogbonna, the Managing Director of Access Bank Plc, highlighted the strategic positioning of the bank in East Africa, particularly Uganda, as a key player in regional trade corridors. With the African Continental Free Trade Agreement fostering trade corridor expansion, Access Bank aims to leverage its best-in-class financial solutions to deliver value for stakeholders.
Ogbonna also noted that the transaction enables Access Bank to use its extensive experience in the gender empowerment market to support FTB’s mission of providing innovative financial solutions, especially to women who constitute approximately 40% of FTB’s customer base. Access Bank’s African growth strategy focuses on consolidating within key regional trade blocs to maximise the benefits of its legacy investments across the continent, with a commitment to deepening market share and delivering sustainable profits across all operational countries.
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