Nigerian multinational commercial bank, Access Bank Plc has secured final approval from all relevant authorities in Kenya to proceed with the acquisition of majority stakes in Kenyan-based Transnational Bank (TNB).
According to the bank, in a regulatory filing the approval followed a ‘no objection’ granted it by the Central Bank of Nigeria (CBN) in October last year.
The bank disclosed that the acquisition is in line with its strategic objective of becoming Africa’s gateway to the world and ties into its strategy to establish footprints in key Kenyan markets.
However, the Company Secretary, Sunday Ekwochi, said; “The acquisition will further complement the bank’s franchise in Rwanda, Congo DRC and Zambia.”
Also, the Group Managing Director, Access Bank, Herbert Wigwe said; “The acquisition aligns with our objective to become Africa’s gateway to the world and we are excited about the potential that reside in the East African market.”
“We will leverage our presence in key payment corridors, strong partnerships in non-presence countries, robust technology platforms as well as world-class risk management to provide cutting edge financial solutions to our clients.”
“We will build on TNB’s existing expertise in agricultural financing and deploy our resources to optimise other business segments.”
