AFRICABUSINESS AND ECONOMY

Access Bank finalizes acquisition of Kenya’s Transnational Bank

By Babalola Seyi

Following its first announcement in October 2019, Nigeria’s largest bank, Access Bank PLC has announced the successful completion of the acquisition of Transnational Bank PLC, of Kenya (TNB).

The Bank made this known through a statement signed by its Company Secretary, Sunday Ekwochi.

“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,” the statement read.

Commenting on the acquisition, Herbert Wigwe, the Group Managing Director, Access Bank PLC, 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,” he added.

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

With a long-publicized vision to be the World’s Most Respected African Bank, this entry into the Kenyan market, a key gateway in East Africa, not only brings the Bank closer to that vison, but also enables customers tap into its extensive global network. This network would enable such customers have access to immense business opportunities, robust and efficient digital solutions, competitive products and unrivalled customer experience.

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