Nigeria’s Access Bank receives approval to acquire South Africa’s Grobank Limited

NIGERIA – Access Bank, a multinational commercial bank, has received approval to acquire South African lender, Grobank Limited. The regulatory support will see the Nigerian bank purchase one of several financial institutions it plans to take over for the acquisition of new clients. The Herbert Wigwe-led bank plans to wrap up the deal with Grobank by the second quarter of this year, which falls between April to June. The cost of the acquisition is valued at US$26.72 million by GCR Ratings. South African and Nigerian regulatory authorities have approved the…

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