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Access Bank Plc announces divestment from Access Bank Cote d’Ivoire

By on January 10, 2014

The Board of Directors, Access Bank Plc has announced the completion of the bank’s divestment from its Cote d ’Ivoire subsidiary, Access Bank Cote d’Ivoire.

The bank disclosed that the divestment was concluded through a direct sale of its entire equity holding in the subsidiary to a preferred bidder, Afriland First Group SA.

Afriland First Group SA is a full service financial services group based in the Republic of Cameroun with operations in Congo (DR), Equatorial Guinea, Sao Tome & Principe and Zambia.

All conditions for the completion of the transaction was said to have been achieved, including the receipt of regulatory approvals from both the Central Bank of Nigeria(CBN) and the Central Bank of West African States (BCEAO).

Access Bank added that the impairments arising from the divestment have already been accounted for in its financials beginning from January 2013.

Access Bank Plc is a full service commercial Bank operating through a network of 350 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom.