Access Bank receives regulatory approval to acquire Kenyan bank

Access Bank has secured final approval of all relevant regulatory authorities in Kenya to acquire majority stake in Kenyan-based Transnational Bank Plc (TNB).

The bank said this in a notice filed at the Nigerian Stock Exchange on Friday.

Recall that the Board of Access Bank Plc on October 28, 2019, informed the Nigerian Bourse that the Central Bank of Nigeria had granted its 'no objection' to the Bank's proposed acquisition of majority equity state In Kenyan-based financial institution.

According to the Group Managing Director, Access Bank Plc, Herbert Wigwe, the acquisition is in line with the bank's strategy to establish footprints in Key African markets.

"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," he said.

TNB is a medium-sized commercial bank with great focus on the agricultural sector and significant retail footprints.