Nine months after the start of negotiations, Access Bank Plc has completed the acquisition of the Mozambican bank, African Banking Corporation. The amount of the transaction was not disclosed.

The acquired bank will be merged with the subsidiary Access Bank Mozambique SA which is expected to become the seventh largest bank in the country. "Access Bank wants its operations outside Nigeria to provide 30% of the group's profits this year. Reaching the southern end of the continent seems crucial to achieving this goal. Two more acquisitions in Zambia and South Africa are underway, and another is due to be completed in Botswana by June," said group CEO Herbert Wigwe. By the end of 2021, the bank also plans to expand to other African countries such as Angola, Cameroon and Guinea-Conakry.