Access Bank Seals Acquisition of Kenya’s Transnational Bank

By Adedapo Adesanya

Leading Nigerian financial institution, Access Bank Plc, has announced the acquisition of a Kenyan bank, Transnational Bank Plc.

In a notice sent to the Nigerian Stock Exchange (NSE) on Monday, the tier-one lender explained that the acquisition followed the receipt of full regulatory approvals and fulfilment of all conditions precedent to completion of the takeover.

According to Access Bank, “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, not only brings us closer to that vision but enables our customers tap into our extensive global network that translates into immense business opportunities, robust and efficient digital solutions, competitive products and unrivalled customer experience.”

Speaking on the acquisition, the bank’s Group Managing Director/Chief Executive Officer (CEO), Mr Herbert Wigwe, said: “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.

“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.

“Already having a solid retail presence across Africa, Access Bank’s acquisition of TNB will allow it to build on its expertise in agricultural financing and deploy its resources to optimize other business segments,” he added.

The purchase of TNB is coming almost two weeks after Business Post reported that the bank was planning to acquire another financial institution, Cavont Bank of Zambia as part of its aggressive expansion drive in Africa.

The potential transaction relates to the sale of 100 per cent of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia.

The bank disclosed that it would announce to the public when the deal was completed, advising its shareholders to exercise caution in dealing with its securities.

At the stock exchange on Monday, Access Bank share price went down by 10 kobo to close at N6.10 per unit. Eyes will be on its performance today.