Access Bank Plc has announced the acquisition of three commercial banks operating in Cote d' Ivoire, Rwanda and the Democratic Republic of Congo (DRC).

The bank acquired 88 per cent interest in Omnifinance Bank, Cote d'Ivoire, through a combination of purchases of existing shares and injection of additional capital. Omnifinance Bank now has a capital base in excess of $20 million. It also acquired 75 per cent interest in Bancor Bank of Rwanda and 90 per cent interest in Banque Privée du Congo.

The acquisitions are in line with the bank's African expansion strategy, which commenced in March 2007.
The take-over of Omnifinance Bank will provide the platform for extending the bank's reach into the UEMOA (CFA Zone). It will also assist the bank to complete its coverage of West Africa's two monetary zones.
The financial institution intends to leverage on the acquisition of Bancor Bank S.A Rwanda, the fourth largest bank in Rwanda with strong shareholder and corporate customer base, to grow market share and build scale in East African countries such as Tanzania, Uganda and Kenya.

The addition of Banque Privée du Congo will facilitate the bank's entry into the Central African region and provide the opportunity to harness the attractive growth potentials of the region. The latest acquisitions extend the bank's network coverage to six across Africa.