Big moves! Bank sells controlling stake in subsidiary

• AFG Holding SA has taken over the majority of Access Microfinance Holding AG and its African subsidiaries
• The acquisition represented a step toward AFG Holding's goal of creating a pan-African banking organisation
• According to the Chairman of AFG Holding SA, the acquisition is a major step in building a pan-African banking group

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

AFG Holding SA has increased its total assets to N150 billion by acquiring a controlling position in Access Microfinance Holding AG and its African subsidiaries.

The purchase includes Access Bank Liberia and AB Microfinance Bank Nigeria, two African microfinance institutions. Photo Credit: Thomas Barwick
Source: UGC

The acquisition, which included African microfinance institutions like AB Microfinance Bank Nigeria and Access Bank Liberia, was described by the bank in a statement on Thursday, according to The Punch.

This move furthered AFG Holding's goal of creating a pan-African banking group that provides cutting-edge digital financial services.

According to the statement, LFS Advisory GmbH, one of AccessHolding's founding partners, remained in place during the transition time to secure a transfer.

The Chairman of AFG Holding SA, Léon Koffi, stated,

“This acquisition is a major step in building a pan-African banking group. The synergy between AFG’s digital expertise and AccessHolding’s experience in risk management and microfinance will significantly impact financial inclusion across Africa.”“On the other hand, Access Microfinance Holding has acquired solid expertise in risk management and the establishment of digital channels tailored to the needs of microfinance clients. We are confident that the synergy of our skills will generate significant impact, benefiting our clients and partners. "With this acquisition of a key player in African microfinance, AFG is now equipped to fully contribute to financial inclusion across the continent, covering all levels of financing needs.”

The Punch reported that as of December 2023, Access Holding's African companies possessed a total credit portfolio valued at EUR 135 million, all of which had received regulatory approval from multiple central banks and the Common Market for Eastern and Southern Africa.

First Bank agrees to sell bank to another firm

Legit.ng reported that FBN Holdings Plc, the parent company of First Bank, has concluded plans to sell its 100% equity in its subsidiary, FBNQuest Merchant Bank Limited, to Everquest Acquisition LLP.

In a recent report, FBN Holdings announced that the sale aligns with its goal to optimise its portfolio.

A statement from FBH Holdings Plc said that the sale aligns with the Nigerian Exchange Limited (NGX) Rulebook.

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Source: Legit.ng