By Audrey Lotechukwu
THUR 20 MAY, 2021-theGBJournal- Access Mozambique is moving towards integrating and merging BancABC Mozambique into its operation after the successful completion of the bank’s acquisition by Access Bank Plc, Nigeria’s largest bank and Africa’s leading bank by customer base.
The integration and merging is expected to create the seventh biggest bank in the Mozambican banking market.
Herbert Wigwe, GMD/CEO Access Bank who is pleased with the completion of the acquisition which significantly strengthens Access Bank’s franchise in Mozambique, said the acquisition represents a transformational step in the bank’s growth plans in the country and the broader Southern Africa region.
He said Access Bank is building the scale necessary to compete effectively and efficiently in key African markets outside Nigeria and ensure the bank sustainably deliver strong return on invested capital in their 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 World’s Most Respected African Bank,’’ he said.