Access Secures Regulatory Approval to Acquire Kenyan Bank
Access Bank has secured full regulatory approval for its proposed acquisition of majority equity stake in the Kenya-based Transnational Bank Limited (TNB).
The bank disclosed this in a notification to the Nigerian Stock Exchange (NSE), at the weekend.
Access Bank had last October, announced that it had secured a ‘no objection’ of the Central Bank of Nigeria to its proposed acquisition of TNB. The acquisition was in line with the bank’s strategic objective of becoming Africa’s gateway to the world.
The statement explained that the entry into the Kenyan market was in line with the bank’s strategy to establish footprints in key African markets, adding that it would complement its existing franchise in Rwanda, Congo DRC and Zambia in the Eastern and Southern African frontiers.
TNB is a medium-sized commercial bank with great focus on the agricultural sector and a significant retail footprint.
Speaking on the acquisition, the Group Managing Director, Access Bank Plc, Herbert Wigwe said: “This acquisition aligns with our strategy to become Africa’s Gateway to the World and we are excited about the potential that resides in the East African market.
“We will leverage our presence in key payment corridors; strong partnerships in non-presence countries; robust technology platform as well as world-class risk management to provide cutting edge financial solutions to our clients. “We will build on TNB’s existing expertise in agricultural financing and deploy our resources to optimise other business segments. We are committed to supporting the growth and development of our host community in line with our sustainability ethos and certain that this acquisition will deliver great value to our stakeholders.”
He added: “Following the receipt of regulatory approval, we are very confident that the transaction will be completed shortly.”
Access Bank is one of the leading full-service commercial banks operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 32 million customers. The bank employs 28,000 thousand people in its operations in Nigeria, Sub Saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the UAE.
Listed on the NSE since 1998, the bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities.
The bank serves its various markets through five business segments: personal, business, operations and IT, commercial and corporate and investment banking.