Access Bank Acquires Kenyan Bank, Second In 16 Months

Nigeria’s tier one bank, Access Bank Plc, has completed the acquisition process of Transnational Bank Plc.

The bank disclosed its acquisition of the Kenyan bank in a statement issued on Monday.

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Access Bank board had on October 28, 2019 announced plans to acquire Transnational Bank Plc.

With the latest move, Access Bank has acquired two banks in two years. It had acquired Diamond Bank Plc in March 2019.

It said, “Access Bank is pleased to inform the general public and the Nigerian Stock Exchange of the successful completion of acquisition of Transnational Bank (Kenya) Plc.”

The bank disclosed that it has received full regulatory approval for the takeover, adding that it has also fulfilled all the necessary conditions precedent to completion.

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Access Bank in the statement said its vision was to become the most receptive bank in the continent.

The bank further said that the acquisition of the Kenyan bank was a gateway to the East African market.

“We are excited to make a vibrant entry into 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 strong customer insights to deliver beyond their expectations.” the Bank’s Group managing Director, Herbert Wigwe, was quoted to have said in the statement.

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