Access Bank Plc has secured regulatory approval for its proposed acquisition of majority equity stake in the Kenya-based Transnational Bank Ltd (TNB).
The Nigeria-based lender had, in October 2019, announced that it had secured a ‘no objection’ of the Central Bank of Nigeria (CBN) to its proposed acquisition of TNB. The acquisition is in line with the bank’s strategic objective of becoming Africa’s gateway to the World.
“The entry into the Kenyan market ties into the bank’s strategy to establish footprints in key African markets and will complement its existing franchise in Rwanda, Congo DRC and Zambia in the Eastern and Southern African frontiers”, the bank explained in a statement.
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.
“Following the receipt of regulatory approval, we are very confident that the transaction will be completed shortly.”
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 32 million customers.
The bank employs 28,000 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 Nigerian Stock Exchange since 1998, Access 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.