Access Acquires Omnifinance Bank, Bancor Bank, Banque PrivÃÆââ‚

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Access Bank Plc is pleased to announce that following all required approvals, it has completed the acquisition of three commercial banks operating in Cote d’Ivoire, Rwanda and the Democratic Republic of Congo (DRC).

 

Terms of Acquisition

 

Access Bank Plc has acquired an 88% 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 Plc also acquired 75% interest in Bancor Bank of  Rwanda and a 90% interest in Banque Privée du Congo. 

 

Rationale

 

These acquisitions are in line with Access Bank Plc’s African expansion strategy which commenced in March 2007.

 

The acquisition of Omnifinance 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.

 

Access Bank Plc intends to leverage on the acquisition of Bancor Bank S.A Rwanda, the fourth largest bank in Rwanda with strong shareholder and corporate customer base, to grow market share and build scale in East African countries such as Tanzania, Uganda and Kenya. The addition of Banque Privée du Congo will facilitate the Bank’s entry into the Central African region and provides the opportunity to harness the attractive growth potentials of the region.

 

These acquisitions extend our network coverage to six across Africa. Our Bank’s expansion across Africa will result in the creation of Africa’s bank of best practice.

 

“We welcome the employees of Omnifinance Bank, Cote D’Ivoire, Bancor Bank S. A., Rwanda, and Banque Privée du Congo, Congo (DRC) into the Access Bank Family. We are impressed at the contributions of stakeholders towards the smooth integration of each bank into the Access Bank Group.”  - Aigboje Aig-Imoukhuede, Group Managing Director/CEO, Access Bank Plc

 

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About Access Bank Plc

 

Access Bank Plc was incorporated in 1989 and is a full service commercial bank licensed in Nigeria, operating through a network of 118 branches located in the major commercial centres in Nigeria and two offshore subsidiaries in The Gambia and Sierra Leone. It has grown rapidly over the last six years to establish itself as one of the Nigeria’s leading banks.

Access Bank Plc is listed on the Nigerian Stock Exchange (NSE) with a market capitalisation of US$3 billion. Total Assets as at March 2008 was US$8.9 billion and total shareholders\' funds of US$1.6 billion.

 

More information about Access Bank Plc can be found on its website at www.accessbankplc.com 

 

About Omnifinance Bank

 

Omnifinance bank was established in 1996 as a commercial bank. It is primarily focussed on supporting the SME sector. Between 1999 and 2005, Omnifinance was recapitalised through capital injection from local and foreign institutional investors notably, the Netherlands Finance Corporation (FMO). Omnifinance also received a universal banking license in 2002.

 

About Bancor Bank S.A.

 

Bancor Bank S.A. is a licensed commercial bank incorporated on February 20, 1995 and was restructured in 2001 after its takeover by private investors. Bancor is the fourth largest bank in Rwanda and operates from four locations in Rwanda. Bancor is focused on small and medium sized corporations and independent businesses.

 

More information about Bancor Bank S.A. can be found on its website at www.bancor.co.rw 

 

About Banque Privée Du Congo

 

Banque Privée du Congo (BPC) was established in November 2002. BPC is focused on medium to large corporates, high net worth individuals and non government organisations.

 

More information about Banque Privée du Congo can be found on its website at www.bpc-bank.com 

 

BY ORDER OF THE BOARD

 

 
FATAI OLADIPO

COMPANY SECRETARY

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