Following its first announcement in October 2019, Nigeria’s largest
bank, Access Bank PLC has announced the successful completion of the
acquisition of Transnational Bank PLC, of Kenya (TNB).
The Bank made this known through a statement signed by its Company
Secretary, Sunday Ekwochi.
“Access Bank PLC is pleased to inform the investing public and the
Nigerian Stock Exchange of the Bank’s successful completion of the
acquisition of Transnational Bank (Kenya) Plc. This follows the receipt
of full regulatory approvals and fulfillment of all conditions precedent
to completion,” the statement read.
Commenting on the acquisition, Herbert Wigwe, the Group Managing
Director, Access Bank PLC, 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.”
“We are indeed grateful to the regulators for the confidence reposed in
us throughout this transaction and we acknowledge the support of our
team of world-class advisors whose hard work made this deal possible,”
he added.
Already having a solid retail presence across Africa, Access Bank’s
acquisition of TNB will allow it to build on its expertise in
agricultural financing and deploy its resources to optimize other
business segments.
With a long-publicized vision to be the World’s Most Respected African
Bank, this entry into the Kenyan market, a key gateway in East Africa,
not only brings the Bank closer to that vision but also enables
customers to tap into its extensive global network. This network would
enable such customers to have access to immense business opportunities,
robust and efficient digital solutions, competitive products, and
unrivaled customer experience.
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