{"id":43869,"date":"2021-05-19T14:27:57","date_gmt":"2021-05-19T14:27:57","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=43869"},"modified":"2021-05-19T14:28:03","modified_gmt":"2021-05-19T14:28:03","slug":"access-acquires-commercial-bank-from-union-banks-parent-company","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=43869","title":{"rendered":"Access acquires commercial bank from Union Bank\u2019s parent company"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i3.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2018\/12\/Herbert-Wigwe-Access-bank.jpg\" alt=\"CBN okays Access, Diamond banks merger, as share prices surge\"\/><\/figure>\n\n\n\n<p>Herbert Wigwe, the Chief Executive Officer of Access Bank, has completed another acquisition outside the shores of Nigeria after sealing the deal to takeover African Banking Corporation, which is situated in Mozambique.<\/p>\n\n\n\n<p>The Southern African lender was acquired from Atlas Mara Limited, an investment company which owns Union Bank of Nigeria. Access Bank plans to merge&nbsp;<a href=\"https:\/\/www.ripplesnigeria.com\/first-bank-mtn-nigeria-access-bank-union-bank-make-ripples-nigeria-stocks-to-watch-list\/\">African Banking<\/a>&nbsp;Corporation with its subsidiary in Mozambique.<\/p>\n\n\n\n<p>The value of the deal wasn\u2019t disclosed, but the acquisition gives Herbert Wigwe-led company a majority share in African Banking Corporation which is expected to rebrand and take the name of the Nigerian lender.<\/p>\n\n\n\n<p>In a statement released to the trading public, the Mozambique financial institutions will be integrated into Access Bank\u2019s operations, a move that will make the merger the seventh largest bank in the country\u2019s banking market.<\/p>\n\n\n\n<p>Commenting on the acquisition, Wigwe said, \u201cWe 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 Southern Africa region.<\/p>\n\n\n\n<p>\u201cWe are building the scale necessary to compete effectively and efficiently in key African markets outside Nigeria and ensure we sustainably deliver strong return on invested capital in our African expansion.<\/p>\n\n\n\n<p>\u201cScale 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\u2019s Most Respected African Bank.\u201d Wigwe stated.<\/p>\n\n\n\n<p>The acquisition of African Banking Corporation comes two weeks after Access Bank acquired Grobank Limited, a South African financial institution.<\/p>\n\n\n\n<p>Also, Atlas Mara is planning to sell Union Bank just as it has sold African Banking Corporation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Herbert Wigwe, the Chief Executive Officer of Access Bank, has completed another acquisition outside the shores of Nigeria after sealing the deal to takeover African Banking Corporation, which is situated in Mozambique. The Southern African lender was acquired from Atlas Mara Limited, an investment company which owns Union Bank of Nigeria. Access Bank plans to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Access acquires commercial bank from Union Bank\u2019s parent company &raquo; WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=43869\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=43869#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Access acquires commercial bank from Union Bank\u2019s parent company\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Access acquires commercial bank from Union Bank\u2019s parent company &raquo; WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=43869","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=43869#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"Access acquires commercial bank from Union Bank\u2019s parent company"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=4\" rel=\"category\">Business<\/a>","rttpg_excerpt":"Herbert Wigwe, the Chief Executive Officer of Access Bank, has completed another acquisition outside the shores of Nigeria after sealing the deal to takeover African Banking Corporation, which is situated in Mozambique. The Southern African lender was acquired from Atlas Mara Limited, an investment company which owns Union Bank of Nigeria. Access Bank plans to&hellip;","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/43869"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43869"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/43869\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}