Access Bank Receives Regulatory Approvals to Acquire South African Grobank

Access Bank Plc announced it has received regulatory approvals from both South Africa and Nigeria to go ahead with its proposed acquisition of South African-based Grobank Limited (Grobank).

The bank disclosed this in a statement signed by Sunday Ekwochi, Company Secretary, Access Bank Plc and released through the Nigerian Stock Exchange platform.

According to the leading financial institution, the approvals constitute a significant milestone in the transaction first proposed in September 2020 and now expected to be completed in the second quarter of 2021.

Speaking on the move, the GMD/CEO, Access Bank, Mr. Herbert Wigwe, said “Today’s announcement represents significant progress in delivering on our strategic intent of becoming Africa’s Gateway to the World in pursuit of our vision to be the world’s most respected African Bank.

“Our presence in South Africa will no doubt accelerate the attainment of our goal of delivering our More than Banking promise to 100 million unique customers across the continent. It will also build on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”

Earlier in January 2021, Access Bank announced it has acquired Zambian-based Cavmont Bank Limited after key conditions were met.

This was after the bank announced it has received regulatory approvals to start operations in Mozambique under the name Access Bank Mozambique, S.A. (Access Bank Mozambique).

Access Bank Mozambique, thereafter, enters into a definitive agreement with ABC Holdings Limited (“ABC Holdings”), a wholly-owned subsidiary of Atlas Mara Limited (“Atlas Mara”) to acquire African Banking Corporation (Moҫambique), S.A., (“BancABC Mozambique”) for cash, inclusive of a contingent consideration.

In September 2020, while speaking on a strategy to connect Africa’s banking system, Herbert Wigwe explained that “We have consistently said that we are focused on building the scale needed to become a leading African bank; one that leverages our experienced and growing talent base and key stakeholder partnerships towards driving sustainable impact and profitability. Today’s announcement demonstrates further commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World in line with our vision to be the World’s Most Respected African Bank.

“These transactions will significantly strengthen our presence in Southern Africa and further our footprint for growth in the SADC region. With a broader presence across the continent, Access Bank will be better placed to support our customers who are increasingly looking towards intra Africa growth. The proposed transactions will accelerate the Bank’s momentum towards delivering world class banking services to an expanded customer base across Africa. Our goal remains to reach and impact 100 million unique customers across the continent by 2022.”