Access Bank Completes the Acquisition of Kenya’s Transnational Bank

Access Bank has announced it has completed the acquisition of Transnational Bank Plc, of Kenya, TNB barely nine months after its board approved the plans to acquire a Kenya-based financial institution.

The acquisition followed after full regulatory approvals and fulfillment of all conditions precedent to the completion.

The bank made this known through a statement signed by its Company Secretary, Sunday Ekwochi.

The statement reads, “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 Group Managing Director of Access Bank Plc, Herbert Wigwe while commenting 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.

“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.”

It is no secret that Kenya’s central bank has been pushing for a merger between the nation’s banks in a bid to cut down the bank to person ratio in Kenya, which is largely higher than the ratio obtainable in Nigeria and South Africa.

“This is largely due to the country’s 50 million population and a total of 40 banks. The Kenyan banking system is on the quest for consolidation and resilience in the sector. Thus, the sector is opened to merger and acquisitions of various banks,” Central Bank of Kenya commented.

“This is largely due to the country’s 50 million population and a total of 40 banks. The Kenyan banking system is on the quest for consolidation and resilience in the sector. Thus, the sector is opened to merger and acquisitions of various banks,” Central Bank of Kenya commented.