Access Bank Begins Operations in South Africa After Grobank Deal – Nigerian tier-one lender, Access Bank Plc, has finally commenced operations in South Africa following the completion of all regulatory procedures in the acquisition of Grobank Limited, a South African banking institution.
The completion of the transaction has now led to the renaming of Grobank to Access Bank South Africa Limited.
The Nigerian bank purchased the controlling shares of the company to enable it to penetrate the robust banking sector in South Africa.
With this new development, Access Bank South Africa Limited is positioned to deliver a strong banking operation that connects key African markets.
“Today’s ceremony in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World, in line with our vision to be the World’s Most Respected African Bank.
“We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent,” the GMD/CEO of Access Bank Plc, Mr Herbert Wigwe, said at an official closing ceremony in Sandton on Monday.
On his part, the CEO of Grobank, Mr Bennie van Rooy, stated that, “This is an extremely exciting day for the South African banking industry.
“Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.”
“Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer,” he assured.