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Access Bank gets CBN’s nod to acquire Kenya’s Transnational bank
The Central Bank of Nigeria (CBN) has given a tier 1 lender, Access Bank a “No Objection” approval for its proposed acquisition of controlling equity interest in Transnational Bank of Kenya (TNB) Plc.
This is coming barely seven months after its merger with Diamond Bank that saw its operations spanning three continents, 12 countries and 29 million customers. The bank is hoping to take over 93.57 percent of Transnational Bank equity interest.
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Transnational Bank is a medium-sized commercial bank in Kenya with a focus on the country’s agricultural sector.
However, the transaction is still awaiting the Kenyan regulatory authorities and COMESA Competition Commission’s approval.
When this transaction is completed, Access Bank will join UBA and GTBank as the only Nigerian banks with operation in Kenya.
Access Bank is currently the biggest bank in Nigeria by assets. Its Q3 2019 financial statement showed that the bank’s asset now stands at N6.6 trillion from N4.95 trillion in 2018 before the merger with Diamond Bank.
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