Banco Montepio no longer has any exposure in the Angolan market, after selling its stake in Finibanco Angola to the Nigerian Access Bank.

The Banco Montepio Group, through the company Montepio Holding, the Portuguese bank Montepio, the majority shareholder of Finibanco with 51% of the shares, sold its stake to the largest Nigerian banking institution in terms of assets and number of customers.

In a statement, the Group said that it sold Finibanco Angola (FNBA) and 51% of the share capital and voting rights it held for a value above 27.2 million euros, around 25 billion kwanzas.

Finibanco Angola is a commercial bank with more than 20 branches and around 300 million dollars in total assets and has been operating in Angola since 2008. It joined the Montepio group in 2010, when Finibanco was acquired for 350 million euros, 100 million more of the market value.

Finibanco's shareholder structure is made up of two collective shareholders, the Montepio group 51% and Iberpartners, a company created by businessman Jorge Armindo (former president of Portucel and current leader of Amorim Turismo) 2.40%, and five more individual partners, namely the banker and owner of BNI, Mário Abílio Palhares, holds 35.26%, the jurist Carlos Feijó 5.02%, the former president of the board of directors of Angola Telecom, João Avelino Augusto Manuel 3.92%, Francisco Simão Júnior 1.60% and deputy Dumilde das Chagas Rangel, as heir, holds the remaining 0.80%.

Access Bank PL also entered into agreements with minority shareholders of FNBA. According to information available on the institution's official website, Access Bank now owns 99.20% of the shares and Dumilde das Chagas Simões Rangel, as heir, holds the remaining 0.80%.

Therefore, it forced the brand to be rebranded now, as well as changing its headquarters, moving it to Torre Victória Premium, on Avenida Gamal Abdel Nasser, in Ingombotas.

Access Bank has a network of more than 700 branches and service points on three continents, with 45 million customers and 28 thousand workers in Nigeria.

The bank also has subsidiaries in Sub-Saharan Africa and the United Kingdom, in addition to a branch in Dubai and representative offices in China, Lebanon and India.

Banco Montepio no longer has any exposure in the Angolan market, after selling its stake in Finibanco Angola to the Nigerian Access Bank

The Banco Montepio Group, through the company Montepio Holding, the Portuguese bank Montepio, the majority shareholder of Finibanco with 51% of the shares, sold its stake to the largest Nigerian banking institution in terms of assets and number of customers.

Jan 22, 2024 - 15:25
Latest update   - 15:29
Banco Montepio no longer has any exposure in the Angolan market, after selling its stake in Finibanco Angola to the Nigerian Access Bank
© Photography by: DR
Banco Montepio no longer has any exposure in the Angolan market, after selling its stake in Finibanco Angola to the Nigerian Access Bank

In a statement, the Group said that it sold Finibanco Angola (FNBA) and 51% of the share capital and voting rights it held for a value above 27.2 million euros, around 25 billion kwanzas.

Finibanco Angola is a commercial bank with more than 20 branches and around 300 million dollars in total assets and has been operating in Angola since 2008. It joined the Montepio group in 2010, when Finibanco was acquired for 350 million euros, 100 million more of the market value.

Finibanco's shareholder structure is made up of two collective shareholders, the Montepio group 51% and Iberpartners, a company created by businessman Jorge Armindo (former president of Portucel and current leader of Amorim Turismo) 2.40%, and five more individual partners, namely the banker and owner of BNI, Mário Abílio Palhares, holds 35.26%, the jurist Carlos Feijó 5.02%, the former president of the board of directors of Angola Telecom, João Avelino Augusto Manuel 3.92%, Francisco Simão Júnior 1.60% and deputy Dumilde das Chagas Rangel, as heir, holds the remaining 0.80%.

Access Bank PL also entered into agreements with minority shareholders of FNBA. According to information available on the institution's official website, Access Bank now owns 99.20% of the shares and Dumilde das Chagas Simões Rangel, as heir, holds the remaining 0.80%.

Therefore, it forced the brand to be rebranded now, as well as changing its headquarters, moving it to Torre Victória Premium, on Avenida Gamal Abdel Nasser, in Ingombotas.

Access Bank has a network of more than 700 branches and service points on three continents, with 45 million customers and 28 thousand workers in Nigeria.

The bank also has subsidiaries in Sub-Saharan Africa and the United Kingdom, in addition to a branch in Dubai and representative offices in China, Lebanon and India.