OBINNA EZUGWU

Access Bank Plc says its Mozambique subsidiary, has consummated a deal for the acquisition of African Banking Corporation, backed by London-listed financial services group Atlas Mara Limited.

The is according to Access Bank’s note to the Nigerian Exchange Limited on Tuesday.

Though no mention has been made of the value of the transaction yet, it represents a huge leap in the bank’s effort to consolidate its operations in Mozambique into a single financial services unit, even as it pushes to establish more presence on the continent.

Access Bank had in March, paid about $60 million to purchase a controlling interest in South Africa’s 74-year-old Grobank.

The move made it Nigeria’s first bank to do so, as it seeks to become Africa’s gateway to the world.

The Mozambique acquisition will be the bank’s fourth acquisition in less than a year, having taken over Kenya’s Transnational Bank in July and Zambia-based Cavmont Bank in January.

It hopes to leverage the African Continental Free Trade Area agreement to enter Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia.