Nigerian lender, Access Bank has completed 100 per cent acquisition of Kenyan Tier3 lender, Transnational Bank effective February 1, 2020.
Central Bank of Kenya (CBK) reports that the deal fell through following approvals by relevant bodies. Cbk gave a nod on 24 December 2019 with Treasury the following suit on January 6 2020.
In addition, Access Bank will have access to 28 branches across the country setting its foothold in Kenya.
READ ALSO: Nigeria’s Access Bank to Acquire Transnational Bank of Kenya
Furthermore, the Kenya operations will add to other subsidiaries in the Democratic Republic of Congo(DRC), Gambia, Ghana, Rwanda, Zambia, Sierra Leone, and United Kingdom.
Access Bank is Nigeria’s largest bank with a total asset base of approximately USD16.10 billion (Ksh1.61T).
This marks another major mergers and acquisitions deal in the banking sector in the last one year. In 2019, there was KCB-National Bank takeover and NIC-CBA merger.