Following the successful completion of all regulatory procedures, Grobank Limited has been formally renamed Access Bank South Africa Limited.
The formal change of name is coming barely two months after Access Bank received approval to buy Gro bank Limited.
The deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa.
According to the Tier-1 financial institution, this new development ensures that Access Bank South Africa Limited is well positioned to deliver a robust banking operation that connects key African markets.
At an official closing ceremony in Sandton on Monday, top executives of the two banks were upbeat about new opportunities for clients, noting that the Bank will continue to support all its stakeholders, while opening doors to growth opportunities both in the short and long term.
Speaking, CEO of Grobank, Bennie van Rooy said, “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.”
On his part, Herbert Wigwe, GMD/CEO of Access Bank Plc, said: “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.”
Access Bank Plc’s quest to emerge as the biggest financial institution on the continent through its acquisitions is not letting off, as the bank has again announced a fresh purchase of a majority shareholding right in a subsidiary of Atlas Mara.
Asides the purchase of
Grobank South Africa, Access Bank has embarked on a massive acquisition drive that had seen the lender’s acquisition of 78.15 percent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana, a subsidiary of Atlas Mara Limited.
In January 2021, Access Bank disclosed that it has acquired Zambian-based Cavmont Bank Limited after key conditions were met.This was after it had earlier received regulatory approvals to start operations in Mozambique under the name Access Bank Mozambique, S.A. (Access Bank Mozambique).
Access Bank is currently operating through a network of more than 600 branches and service outlets, spanning 3 continents, 12 countries and over 31 million customers, across Africa and the United Kingdom (with a branch in Dubai) and representative offices in China, Lebanon and India
