Access Bank Gains Approval To Acquire Kenyan bank

Access Bank Plc announced on Friday, January 17, 2020, that it has gained all legal rights from Kenyan authority to proceed with the acquisition of majority stakes in Kenyan-based Transnational Bank (TNB).

According to the bank, this move is in line with the bank's vision to hold subsidiaries in other parts of the world and to maintain a strategic aim of becoming Africa’s gateway to the world as well as ties into its strategy to establish footprints in key Kenyan markets.

“The acquisition will further complement the bank’s franchise in Rwanda, Congo DRC, and Zambia,” company secretary, Sunday Ekwochi said.

While speaking on the acquisition, the Managing Director of the group, Herbert Wigwe said, “The acquisition aligns with our objective 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 platforms 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 optimize other business segments.” 

READ ALSO: Access Bank Enters Cameroonian Market

Access bank has been on a competitive strategic move to achieve a greater reputation nationally and internationally.

Transitionally, from expanding its coast after buying diamond bank, the group has taken its activities outside the shores of Nigeria and into other African countries with Cameroon and Kenya as their testimony sites.