Access Holdings Plc has notified the Nigerian Exchange that its subsidiary, Access Bank Plc has entered into an agreement with Montepio Holding SGPS S.A to acquire 51 per cent majority shareholding in Finibanco Angola S.A., a leading Angolan bank.

The transaction would be effected through the purchase of existing shares owned by Montepio-the holding company for Banco Montepio, one of Portugal’s well-established commercial banks. Finibanco Angola S.A. (Finibanco) is a profitable, well-capitalised full-service commercial bank with over 20 branches and around $300 million in total assets. It has operated in Angola since 2008.

The transaction, which is subject to regulatory approvals in Nigeria and Angola, is expected to close in the first half of next year, following fulfillment of customary conditions precedents.