Access Bank Plc Monday declared it had concluded the takeover process of Kenya’s Transnational Bank Limited, nearly eight months after the deal was brokered.
The transaction is believed to have earned Access Bank the majority shareholder status in the Nairobi-based lender by way of acquisition of 100% stake, a move that will offer it a chance to scramble for a share of Kenya’s fiercely competitive market, where the likes of Guaranty Trust Bank and United Bank of Africa already have footprints.
“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,” Herbert Wigwe, Access Bank’s chief said in a note to the Nigerian Stock Exchange.
Even though the value of the transaction was not disclosed, Transnational Bank’s total assets stood at 10.236 billion Kenyan Shillings equivalent to USD95.127 million at of the end of 2018.
Access Bank, Africa’s biggest bank by customer, will now have its eyes set on Zambia’s Cavmont Bank, a subsidiary Cavmont Capital Holding Zambia Plc, the acquisition of which it plans to complete any moment from now.
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