Access Bank PLC Acquires 3 Banks in Cote D’Ivoire, Rwanda, DRC
Access Bank PLC Acquires 3 Banks in Cote D’Ivoire, Rwanda, DRC
In line with its African expansion strategy, which commenced in March 2007, Access Bank PLC has acquired three commercial banks operating in Cote D’Ivoire, Rwanda and the Democratic Republic of Congo (DRC). Access Bank disclosed this in a statement made available over the weekend. Giving a breakdown of the terms of acquisition, Access Bank said it has acquired an 88 per cent interest in Omnifinance Bank, Cote D’Ivoire through a combination of purchase of existing shares and injection of additional capital. Omnifinance Bank now has a capital base in excess of US$20million.
Access Bank, which recently had a highly successful fund raising exercise, also acquired 75 per cent interest in Bancor Bank of Rwanda and a 90 per cent interest in Banque Privée du Congo. The acquisition of Omnifinance Bank according to Access Bank, will provide the platform for extending the Bank’s reach into the UEMOA (CFA Zone). It will assist the bank to complete its coverage of West Africa’s two monetary zones. The addition of Banque Privée du Congo, Access Bank explained, will facilitate it’s entry into the Central African region and provides the opportunity to harness the attractive growth potentials of the region. The recent acquisitions extend Access Bank’s network coverage to six across Africa.
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