Access Bank Plc has announced its plan to acquire majority equity stake in the Kenya-based Transnational Bank Ltd (TNB).
The announcement followed regulatory approval given to the tier one lender by the Central Bank of Nigeria (CBN) to proceed with the acquisition.
In a statement on Sunday, Access Bank said it had secured full regulatory approval for its proposed acquisition of majority equity stake in TNB.
Access Bank, in October 2019, announced that it had secured a 'no objection' of the CBN to its proposed acquisition of TNB.
The acquisition is in line with the bank's strategic objective of becoming Africa'sGateway to the World.
The entry into the Kenyan market ties into Access Bank's strategy to establish footprints in key African markets to complement its existing franchise in Rwanda, Congo DRC and Zambia, in the Eastern and Southern African frontiers.
TNB is a medium-sized commercial bank with focus on the agricultural sector and a significant retail footprint.
Commenting on the acquisition, Access Bank's Group Managing Director Herbert Wigwe said: 'This acquisition aligns with our strategy to become Africa's gateway to the world and we are excited about the potential that resides 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 financial 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 certain that this acquisition will deliver great value to our stakeholders.
'Following the receipt of regulatory approval, we are very confident that the transaction will be completed shortly.'
© Pakistan Press International, source Asianet-Pakistan