Breaking: Access Bank Completes Acquisition of Kenya’s Transnational Bank

0
319
Reading Time: 2 minutes

SWITZERLAND, JULY 20 – Access Bank has finally completed its acquisition of Kenyan-based Transnational Bank Plc; the second to be acquired in two years.

“Sequel to its earlier announcement on October 28, 2019, the Board of Access Bank PLC is pleased to inform the investing public and the Nigerian Stock Exchange of the Bank’s successful completion of the acquisition of Transnational Bank (Kenya) Plc,” the bank announced via a statement published on the website of the Nigerian Stock Exchange (NSE) on Monday.

This follows the receipt of full regulatory approvals and fulfilment of all conditions precedent to completion.

Transnational bank will be Access bank’s second acquisition within the past 18 months. Last year, the Nigerian ban acquired Diamond bank in Nigeria.

“The Bank’s vision is to be the World’s Most Respected African Bank and our entry into the Kenyan market, a key gateway in East Africa, not only brings us closer to that vision but enables our customers to tap into our extensive global network that translates into immense business opportunities, robust and efficient digital solutions, competitive products and unrivalled customer experience,” the statement continued.

Commenting on the acquisition, Herbert Wigwe, the Bank’s Group Managing Director said,

“We are excited to make an entry into the vibrant Kenyan market. We pledge to put our customers at the forefront of everything we do. Through the creation of a world-class payment system, we will build and support our wholesale and retail customers using our strong customer insights to deliver beyond their expectation.

We are indeed grateful to the regulators for the confidence imposed in us throughout this transaction and we acknowledge the support of our team of world-class advisors whose hard work made this deal possible.”

Access Bank Plc is a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 36 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.

Today’s Echo gathers that Kenya’s Central Bank has been pushing for a merger between the country’s banks because it has more banks per person than South Africa and Nigeria. Kenya has a population of 50 million with about 40 banks. The drive for consolidation had led SBM Holdings Ltd of Mauritius to acquire some of the assets of Chase Bank Kenya Limited and the entire capital of Fidelity Commercial Bank Limited.

Leave a Reply

%d bloggers like this: