- Access Bank Secures Final Approval to Acquire Kenyan TNB
Access Bank Plc has secured final approval to acquire Kenyan-based bank, Transnational Bank Plc (TNB).
The recently merged financial institution had announced its willingness to acquire embattled TNB in the third quarter of 2019 following a request for approval from the Nigerian Stock Exchange.
The bank, in a statement released through the Nigerian Stock Exchange, said “We are pleased to announce that the bank has now secured the final approvals of all relevant regulatory authorities in Kenya in respect to the acquisition.”
It further stated that “the acquisition is in line with the bank’s strategic objective of becoming Africa’s Gateway to the World and ties into its strategy to establish footprints in key African markets. The acquisition will further complement the bank’s franchise in Rwanda, Congo DRC and Zambia.”
Transnational Bank, a medium-sized lender with agriculture as its focus, failed in 2019 amid growing debt.
Speaking on the acquisition, Herbert Wigwe, said: “This acquisition aligns with our strategy to become Africa’s gateway to the world and we are excited about the potential that resides in the East African market.
“We will leverage our presence in key payment corridors: strong partnerships in non-presence countries, robust technology platform as well as world-class risk management to provide cutting edge financial solutions to our clients.
“We will build on TNB’s existing expertise in agricultural financing and deploy our resources to optimise other business segments. We are committed to supporting the growth and development of our host community in line with our sustainability ethos and certain that this acquisition will deliver great value to our stakeholders.”