“[…] Caixa Económica Montepio Geral announces that its subsidiary Montepio Holding, SGPS, SA has approved the sale of the share capital of Finibanco Angola SA, a financial institution under Angolan law, to Access Bank Plc, a commercial bank based in Lagos, Nigeria, with significant presence on the African continent,” reads the information sent to the Securities Market Commission.
According to the same note, the sale value will refer to “the share attributable to the Banco Montepio group in the equity of Finibanco Angola”, which amounted to EUR 70 million on June 30, as well as the adjustments identified under the an audit, 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, serving 45 million customers.
This financial institution has 28,000 employees in Nigeria, as well as subsidiaries in Sub-Saharan Africa and the United Kingdom, in addition to a branch in Dubai and representations in China, Lebanon and India.
Montepio expects the “accounting removal” of its financial stake in Finibanco Angola to take place in the second quarter of 2023 and is unable to “accurately” estimate the impact of this transaction on its results to date.
The bank also stressed that with the completion of this operation, it is taking another “important step” in the implementation of the commitments foreseen in its adjustment program.
Source: DN
