Access Bank Completes Acquisition of Kenya’s Transnational Bank

Access Bank Plc on Monday said it has completed the acquisition of Transnational Bank (Kenya) Plc after obtaining full regulatory approvals and fulfilled all regulatory conditions before the completion.

The bank first mentioned its interest in Transnational Bank on October 28, 2019 through the Nigerian Stock Exchange.

In a statement issued by the bank and signed by Sunday Ekwochi, the Company Secretary, Access Bank Plc, the bank said its “vision is to be the World’s Most Respected African Bank and our entry into the Kenyan market, a key gateway in East Africa, not only brings us closer to that vision but enables our customers tap into our extensive global network that translates into immense business opportunities, robust and efficient digital solutions, competitive products and unrivaled customer experience.”

It would be recalled that earlier in July Investors King reported that Access Bank was planning to acquire Cavmont Bank (Zambia), the second of such move in the last 9 months.

Speaking on the acquisition, Mr. Herbert Wigwe, the Bank’s Group Managing Director/Chief Executive Officer, 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.”