One of the leading commercial banks;Access Bank Plc has said that it has been given approvals by the regulators in South Africa and the Central Bank of Nigeria (CBN), which regulates the sector in the Nigeria to acquire a new bank.
With these approvals Access Bank plans to have controlling share in a South African-based financial institution; Grobank Limited, which “first entered the market in 1947 as the South African Bank of Athens, delivering world-class business banking services through a team of highly experienced, dedicated relationship managers.”
Access Bank in a notice filed to the Nigerian Stock Exchange (NSE), stated that the acquisition of Grobank that gained repute for leading business banking service, was in accordance with its goal of becoming the main bank for Africa.
Speaking on the development, the Group Managing Director/Chief Executive Officer, 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.”
He continued, “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.”
The bank said that the approvals given to Access Bank by the regulatory body in South Africa and CBN “constitute a significant milestone in the transaction which is expected to be completed in the second quarter of 2021 subject to the completion of other conditions precedent.”
The development is coming months after the bank merged with Diamond Bank Plc in 2019.
Recalled that Access Bank had also acquired a Kenyan bank; Transnational Bank Plc .
The GMD/CEO had described the acquisition of TNB by Access Bank “will allow it to build on its expertise in agricultural financing and deploy its resources to optimize other business segments.”