Access Bank Holdings Enters Agreement With Ugandan-based Finance Trust Bank Ltd to Acquire Major Equity Stake 

Access Holdings has announced that its flagship subsidiary, Access Bank Plc, has entered into a definitive agreement with the Ugandan-based Finance Trust Bank Ltd (FTB) and its selling institutional shareholders for the acquisition of a majority equity stake in FTB.

According to reports, the transaction will be closed in the first half of this year, which will see Access Bank invest funds into Finance Trust Bank to boost its capital base, which will help promote financial inclusion and product diversification.

Announcing this deal, Access Bank wrote via a public notice,

“Access Holdings Plc is pleased to announce that its flagship subsidiary, Access Bank Plc, has entered into a definitive agreement with the Ugandan-based Finance Trust Bank Ltd (FTB) and its selling institutional shareholders for the acquisition of a majority equity stake in FTB. Following the conclusion of customary conditions precedent and the anticipated closing of the transaction targeted for the first half of 2024, Access Bank would own an estimated 80 percent shareholding in FTB.”

The bank CEO Herbert Wigwe, disclosed that the strategic acquisition of Finance Trust bank will help build a strong franchise in the continent with the expansion to Uganda supporting their aspiration to become Africa’s Payment Gateway to the World.

Also speaking, Finance Trust Bank managing director, Annet Nakawunde Mulindwa, said the deal marks a pivotal moment in the bank’s growth journey and presents an extraordinary opportunity for its valued customers and stakeholders.

This transaction marks an important milestone for Access Bank as it moves closer to the achievement of its five-year strategic plan through continued expansion into key markets. This move positions the bank strategically in African markets.