Access Bank has acquired the Transnational Bank (Kenya) Plc of Kenya following receipt of full regulatory approvals and fulfilment of all conditions.
This acquisition was announced by the Company Secretary of the bank, Mr Sunday Ekwochi, to the Nigerian investment community and the Nigerian Stock Exchange (NSE) in a statement posted on the website of the Exchange on Monday.
The bank’s entry into the Kenyan market, a key gateway in East Africa, is bringing it a step closer to its vision of becoming the World’s Most Respected African Bank, Ekwochi said in the statement.
According to him, the acquisition will give the bank’s customers an opportunity to tap into its extensive global network.
This, he said, would translate into immense business opportunities, efficient digital solutions, competitive products and an unrivalled customer experience.
He quoted Mr Herbert Wigwe, the bank’s Group Managing Director and Chief Executive Officer, as pledging that the bank would always put customers first in all its dealings.
“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,” Wigwe said.
Access Bank has of late become Nigeria’s most active bank in the acquisition market. In Nigeria had earlier acquired Intercontinental Bank Plc close to a decade ago and followed up two year ago with the acquisition of Diamond Bank Plc.
It currently operates through a network of more than 600 branches.
