Access Bank Moçambique finalized, on Monday, the acquisition of ABC Bank (BancABC Moçambique), the eighth in terms of assets in the country, announced Tuesday in a statement.

"At this stage, the two institutions, Access Bank and BancABC, continue to develop activities independently, but now under the Access Bank Group," says the bank in the note.

Access Bank is a Nigeria-based financial institution and has entered into a definitive agreement to acquire African Banking Corporation (BancABC, Mozambique) with Atlas Mara and ABC Holding.

For Access Bank, which is now positioned as one of the seven largest banks in Mozambique, the operation represents "a major step for the banking sector in the Mozambican market", consolidating its expanded strategy for Africa.

ABC bank is present in six provinces of Mozambique.

"Access Bank Mozambique considers to be, today, closer to the vision of being the change that Africa needs, grounded on the vision of being the most respected African bank in the world," he added.

Access Bank started activities in Mozambique in late 2020.