Montepio sells share in Finibanco Angola

 In Banks, News

Portuguese mutualist bank Montepio has announced it will sell 100% of its shareholding in Finibanco Angola.

The purchaser is Nigerian banking group Access Bank, an entity that is 100% held by Access Holdings Plc (Access Corporation), a commercial bank that operates through a network of over 700 branches and customer service points on three continents, 17 markets and 45 million clients, according to Montepio in a note sent to the Portuguese stock market regulator, CMVM.
The value of the sale has not been published. Access Bank Plc is based in Lagos with “an extensive presence in Africa”, states the communiqué.
The value of the sale “will equate to the proportion attributed to Grupo Banco Montepio in its own capital share in Finibanco Angola which total €70 million, as well as adjustments which will be gauged after the results of an audit which is expected to be completed in the second quarter of 2023”.
Access Bank employs 28,000 people in Nigeria and has subsidiaries all over Sub-Saharan Africa and in the United Kingdom, a branch in Dubai, the United Arab Emirates, and representation offices in China, Lebanon and India.
The Access Corporation, the company that is the holding for Access Bank has been listed on the Nigerian Stock Market since 1998 and has over 900,000 shareholders.
According to 2021 accounts, Montepio, through Montepio Holding has just 51% of the share in Finibanco Angola.