Access Bank completes acquisition of Kenyan bank

Access Bank Plc on Monday announced the completion of the acquisition of Transnational Bank (Kenya) Plc.The bank, in a notice to the investing public and the Nigerian Stock Exchange, noted that the acquisition followed the receipt of full regulatory approvals and fulfillment of all conditions precedent to completion.

Access Bank said, “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 tap into our extensive global network that translates into immense business opportunities, robust and efficient digital solutions, competitive products and unrivalled customer experience.”Commenting on the acquisition, the bank’s Group Managing Director/Chief Executive Officer, Mr Herbert Wigwe, expressed excitement at the successful 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 expectations,” he added.

“We are indeed grateful to the regulators for the confidence reposed 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 recently announced that its wholly owned subsidiary in Zambia, Access Bank Zambia Limited had entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc.

The discussion, according to a notice obtained from the NSE is regarding a potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly owned subsidiary of Cavmont Capital.

The notice explained that the potential transaction was related to the sale of 100 per cent of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia.According to the statement, there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will update the market as appropriate and in accordance with its disclosure obligations.”The bank advised shareholders to exercise caution when dealing in Access Bank’s securities until a full announcement is made.

Leave a Reply