“[…] Caixa Económica Montepio Geral has informed that its Montepio Holding subsidiary, SGPS, SA has agreed to sell the capital of Finibanco Angola SA, a financial institution incorporated under Angolan law, to Access Bank Plc, a commercial bank headquartered in Lagos, Nigeria, with a significant presence in African continent,” reads the information sent to the Securities Exchange Commission.
According to the same note, the value of the sale will refer to “the proportion attributable to the Banco Montepio Group in the shares of Finibanco Angola”, which as at 30 June totaled 70 million euros, as well as specific adjustments in the scope of the review, which is expected to be completed in the second quarter of 2023.
Access Bank has a network of more than 700 branches and service points on three continents, with 45 million customers.
This financial institution has 28,000 employees in Nigeria, in addition to subsidiaries in Sub-Saharan Africa and the United Kingdom, as well as a branch in Dubai and representative offices in China, Lebanon and India.
Montepio expects that its financial participation in Finibanco Angola will be “derecognised” in the second quarter of 2023, and so far, it cannot estimate the impact of this transaction on results “accurately”.
The Bank also stressed that, with this process completed, it is taking another “significant step” in implementing the commitments envisaged in its adaptive programme.
Read also: Unions say Montepio is violating legal collective bargaining system
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Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
