In line with its expansion drive, with a vision to be the world’s most respected, African Access Bank Plc has secured the final approvals of all relevant regulatory authorities in Nigeria and Kenya in respect of the acquisition of Kenya-based Transnational Bank Plc (TNB).
It will be recalled that the Board of Access Bank Plc (‘the Bank’) on October 28, 2019 informed the Nigerian Stock Exchange that the Central Bank of Nigeria had granted its ‘no objection’ to the Bank’s proposed acquisition of majority equity state in Kenyan-based Transnational Bank Plc (TNB).
In a notice to the Nigerian Stock Exchange on Friday, the Nigerian lender stated, “We are pleased to announce that the Bank has now secured the final approvals of all relevant regulatory authorities in Kenya in respect of the acquisition.
“The acquisition is in line with the Bank’s strategic objective of becoming Africa’s Gateway to the World and ties into its strategy to establish footprints in key African markets.”
Specifically, the acquisition will further complement the Bank’s franchise in Rwanda, Congo DRC and Zambia.
TNB is a medium-sized commercial bank with great focus on the agricultural sector and significant retail footprints.
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 potentials that reside 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 are certain that this acquisition will deliver great value to our stakeholders.”
Following the receipt of regulatory approvals, the bank said it is confident that the transaction will be completed shortly
This is coming barely 10 months after Access Bank Plc, received the court sanction of its merger with Diamond Bank, signifying the two entity becomes one.
The court sanction came less than one week after the Securities and Exchange Commission (SEC) and Central Bank of Nigeria (CBN) granted final approval for the take-off last year