Access Bank Plc has announced that its wholly owned banking subsidiary, Access Bank Mozambique, has completed the acquisition of African Banking Corporation, also known as BancABC Mozambique, a subsidiary of the London Stock Exchange-listed Atlas Mara Limited.

This was disclosed on Tuesday in a statement signed by the lender’s Company Secretary, Mr Sunday Ekwochi.

Commenting on the acquisition, the Group Managing Director/Chief Executive Officer, Access Bank, Mr Herbert Wigwe, said, “We are pleased with the completion of this acquisition which significantly strengthens our banking franchise in Mozambique and represents a transformational step in our growth plans in the country and the broader South Africa region.

“We are building the scale necessary to compete effectively and efficiently in key African markets outside Nigeria and ensure that we sustainably deliver a strong return on invested capital in our African expansion.

“Scale is an important contributor to returns and this transaction is consistent with our rigorous efforts to create a strong presence with scale across Africa, and in line with our vision to be the world’s most respected African bank.”

He said with the completion of the acquisition, the merging of both banks would lead to the creation of the seventh largest bank in the Mozambican banking market.