Nigeria’s Access Bank has entered into a definitive agreement to acquire a majority stake in Finance Trust Bank Limited, based in Uganda, as announced by its parent company, Access Holdings Plc.
The transaction will involve the transfer of 80% ownership of Finance Trust Bank to Access Bank, subject to regulatory approvals.
The deal, expected to be finalised by June, awaits clearance from the Central Bank of Nigeria and the Bank of Uganda, as indicated in a regulatory filing.
Access Bank plans to inject fresh capital into Finance Trust Bank to strengthen its capital base and establish a solid presence in the Ugandan market.
The move follows Access Bank’s recent acquisition of African Banking Corporation Zambia Limited.
Access Holdings has been diversifying its operations beyond commercial banking, which is evident in its recent foray into insurance brokerage with the acquisition of Megatech Insurance Brokers.
Additionally, the group has received preliminary approval to establish a consumer lending arm named Oxygen X Finance Company Limited.
Access Holdings CEO Herbert Wigwe expressed the company’s broader vision: “We are building a strong and sustainable franchise to support economic prosperity, encourage African trade, and advance financial inclusion, thereby empowering many to achieve their financial dreams.”
He added that the expansion into Uganda aligns with Access Bank’s goal to become Africa’s Payment Gateway to the World.
Roosevelt Ogbonna, the managing director of Access Bank, emphasised Uganda’s strategic position in the region’s trade flows and highlighted its commitment to delivering value through its best-in-class financial solutions.
“Trade flows in East Africa revolve around crucial trade corridors, with Uganda being a key player in the region.
“With the African Continental Free Trade Agreement, these corridors will continue to expand, and by deploying our best-in-class financial solutions, we are strategically positioned to deliver value for our stakeholders,” Ogbonna stated.
