NIGERIA – Access Bank Plc, one of Nigeria’s leading multinational commercial banks, has completed the acquisition of Transnational Bank (Kenya) Plc, a medium sized commercial bank that mainly focuses on Kenya’s agricultural sector.
This development follows an earlier announcement by Access Bank that its wholly owned subsidiary in Zambia had entered into talks with Cavmont Bank Limited of Zambia.
If successful, the talks to could result in a possible merger between the two financial entities with Access Bank Zambia having 100% ownership of Caymont Bank.
Access bank, in a notice to the investing public and the Nigerian Stock Exchange, noted that the acquisition of Transnational followed the receipt of full regulatory approvals and fulfilment of all conditions precedent to completion.
“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, brings us closer to that vision,” Access Bank said.
The Bank further noted that the acquisition of the Kenyan based commercial banks “enables our customers tap into our extensive global network that translates into immense business opportunities, 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.
Wigwe further noted that Access Bank pledges to put its customers at the forefront of everything it does.
He further noted that the Bank will endeavour to build and support its wholesale and retail customers using its strong customer insights to deliver beyond their expectations.
“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,” Wigwe added.
Access Bank is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network.
The Bank has subsidiaries in the Democratic Republic of Congo (DRC), Gambia, Ghana, Nigeria, Rwanda, Sierra Leone, Zambia, and the United Kingdom.
The bank also operates representative offices in China, United Arab Emirates, Lebanon, and India.
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