By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) – The Board of Directors Access Bank Plc Thursday announced it has divested from its Cote d ’Ivoire subsidiary, Access Bank Cote d’Ivoire.

According to the bank, the divestment was concluded via a direct sale of the Bank’s 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.

Access Bank affirmed that all conditions for the completion of the transaction have been achieved, including the receipt of regulatory approvals from both the Central Bank of Nigeria and the Central Bank of West African States (BCEAO).

‘’The impairments arising from this divestment have already been accounted for in the Bank’s financials beginning from January 2013,’’ the Bank said.