Access Bank completes acquisition of Kenyan Bank, Transnational Bank Plc.
Access Bank of Nigeria has completed its acquisition of Kenyan bank, Transnational Bank Plc., following its earlier announcement on October 28th 2019 as well as its receipt of full regulatory approvals and fulfilment of all conditions precedent to completion.
The completion of the acquisition of the Kenyan bank was revealed in a corporate disclosure on the Nigerian Stock Exchange:
“The Bank’s vision is to be the World’s Most Respected African Bank and our entry into the Kenyan market, a gateway in East Africa, not only brings us closer to that vision but enables our customers tap into our extensive global network that translates into immense business opportunities, robust and efficient digital solutions, competitive products and unrivalled customer experience.”
The Managing Director/ Chief Executive Officer of Access bank, Herbert Wigwe, commenting on the acquisition said:
“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.”
Access Bank have been on a project to expand its operations avross Africa in recent time. The bank’s subsidiary, Access Bank Zambia Limited, two weeks ago announced that it was in advanced discussions with Cavmont Capital Holdings Zambia Plc. regarding a possible merger of Cavmont Bank Limited.
A profit after tax of N40.9 billion in the first quarter period ended March 31st, 2020 was recorded by Access Bank Plc. It had recorded an increase in net interest income which was N72.2 billion in the period, indicating a 27% increase as against the N56.8 billion that was recorded in Q1 2019.