Access Bank acquires Kenyan-based Transnational Bank Plc

Access Bank acquires Kenyan-based Transnational Bank Plc: In its quest to become Africa’s Financial Gateway to the World and tie into its strategy to establish its footprint in key African markets, Access Bank Plc announced that it has secured regulatory approvals to acquire a Kenyan-based bank called Transnational Bank plc.

The announcement was contained in a letter dated January 17, 2020 signed by the banks company secretary Sunday Ekwochi which partly reads:

“It will be recalled that the Board of Access Bank Plc (‘the Bank’) on October 28, 2019 informed the Nigerian Stock Exchange that the Central Bank of Nigeria had granted its ‘no objection’ to the Bank’s proposed acquisition of majority equity state in Kenyan-based Transnational Bank Plc (TNB).

“We are pleased to announce that the Bank has now secured the final approvals of all relevant regulatory authorities in Kenya in respect of the acquisition.

“…The acquisition will further complement the Bank’s franchise in Rwanda, Congo DRC and Zambia.

“TNB is a medium-sized commercial bank with great focus on the agricultural sector and significant retail footprints“.

The bank’s Group Managing Directors Mr Herbert Wigwe while reacting to the acquisition, said:

“This acquisition aligns with our strategy to become Africa’s Gateway to the World and we are excited about the potentials that reside in the East African market. We will leverage our presence in key payment corridors; strong partnerships in non-presence countries; robust technology platform as well as world-class risk management to provide cutting edge financi solutions to our clients.

“We will build on TNB’s existing expertise in agricultural financing and deploy our resources to optimise other business segments. We are committed to supporting the growth and development of our host community in line with our sustainability ethos and are certain that this acquisition will deliver great value to our stakeholders.

“Following the receipt of regulatory approvals, we are very confident that the transaction will be completed shortly.”

About Access Bank Plc

Access Bank Plc is a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 15 countries and 32 million customers. The Bank employs 28,000 thousand people in its operations in Nigeria, Sub-Saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the UAE.

Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution which combines a strong retail customer franchise, digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank serves its various markets through five business segments: Personal, Business, Operations and IT, Commercial and Corporate & Investment Banking. The Bank has over 830,000 shareholders, including several Nigerian and International Institutional Investors, and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant, helping customers to access more and achieve their dreams.