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Access Bank completes acquisition of Kenyan bank

Posted by GPmulticoncept on July 21, 2020
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By Taofik Salako, Deputy Group Business Editor

 

Access Bank Plc has  completed its acquisition of Transnational Bank Plc of Kenya (TNB).

In a statement yesterday, its Company Secretary, Sunday Ekwochi said Access Bank had received regulatory approvals for the completion of the transaction.

“Access Bank Plc is pleased to inform the investing public and the Nigerian Stock Exchange of the bank’s successful completion of the acquisition of Transnational Bank (Kenya) Plc.

This follows the receipt of full regulatory approvals and fulfillment of all conditions precedent to completion,” Ekwochi stated.

Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, quoted  the LC as saying that with Access Bank  having a solid retail presence across Africa,  the acquisition of TNB would allow the bank to build on its expertise in agricultural financing and deploy its resources to optimise other business segments.

“We are excited to make an 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,” Wigwe said.

He commended the regulators for the confidence reposed in the bank throughout the transaction while also acknowledging the support of its team of world class advisors whose hard work made the deal possible.

According to him, with a long-publicised vision to be the world’s most respected African bank, the entry into the Kenyan market, a key gateway in East Africa, not only brings the bank closer to that vision, but also enables customers tap into its extensive global network.

He added that the network would enable such customers to have access to immense business opportunities, robust and efficient digital solutions, competitive products and unrivalled customer experience.

 

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