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NIGERIA’S ACCESS BANK CONTINUES EXPANSION INTO SOUTHERN AFRICA

Nigeria’s Access Bank Plc. has continued expansion into other African countries by acquiring African Banking Corporation in Mozambique.  This recent acquisition was made by Access Bank Mozambique.  

African Banking Corporation is also known as BancABC Mozambique and is a subsidiary of Atlas Mara Limited which is listed in the London Stock Exchange.

According to Access Bank Plc., this expansion is aimed at “building the scale necessary to compete effectively and efficiently in key African markets outside Nigeria.” The Group Managing Director/Chief Executive Officer of Access Bank, Plc., Mr. Herbert Wigwe, explained that this acquisition strengthens the Access Bank franchise in Mozambique and represents a transformational step in its growth plans both in Mozambique and in the broader Southern African region.  He further explained that the resources resulting from merging BancABC Mozambique into Access Bank Mozambique would create the seventh largest bank in the Mozambican banking market.

This report was submitted by our Independent Reporter, Onyinyechi Cynthia (Nigeria).  You too can start earning money by becoming our Independent Reporter. Contact us at IR@downtownafrica.com

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