Mergers & Acquisitions | |
Mergers & Acquisitions | |
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Friday, January 17, 2020 / 8:08 PM / NSE / Header Image Credit: EcoGraphics
It will be recalled that the Board of Access
Bank Plc ('the Bank') on October 28, 2019 informed the Nigerian Stock Exchange
that the Central Bank of Nigeria had granted its 'no objection' to the Bank's
proposed acquisition of majority equity state In Kenyan-based Transnational
Bank Plc (TNB).
We are pleased to announce that the Bank has now
secured the final approvals of all relevant regulatory authorities in Kenya in
respect of the acquisition.
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.
TNB is a medium-sized commercial bank with great
focus on the agricultural sector and significant retail footprints.
Speaking on the acquisition, the Group Managing
Director, Access Bank Plc., Herbert Wigwe said:
"This acquisition aligns with our strategy to
become Africa's Gateway to the World and we are excited about the potentials
that reside 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 are certain that this
acquisition will deliver great value to our stakeholders.
Following the receipt of regulatory approvals, we are very confident that the transaction will be completed shortly."
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Graph - One Year Share Price Movement
Table: Unaudited Q3 2019 Results
Related News
1. ACCESS Notifies of Board
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2. ACCESS Appoints Two New
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3. Access Bank Plc Appoints Dr
(Mrs) Ajoritsedere Awosika As Board Chairman; Mosun Belo-Olusoga Retires
4. Fitch Affirms Access Bank at
'B'; Stable Outlook
5. Access Bank 9Months 2019
Result; Strong Earnings, But OPEX Rises 47.7%
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7. Access Bank Rebutes Acquisition
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8. Access Bank Plc - Huge FX Gains
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10. ACCESS Declares N90.74 billion
PAT in Q3 2019 Results,(SP:N7.10k)
11. Access Bank Plc Notifies Of The
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