Following its acquisition of Diamond Bank some couple of months ago, Access Bank, Nigeria has recently broadened its horizon to Kenya after the commercial bank was granted approval to acquire the Transnational Bank of Kenya.
Reports have indicated that the recent acquisition was approved by the Central Bank of Kenya (CBK).
After the deal is completed, access Bank will take control of up to 93.57% of the Kenyan Lender’s Bank still under the authority of the Transnational Bank of Kenya.
In 2018, the bank had seen its non-performing loans move from KES 1.17 billion to KES 1.85 billion, however, the financial statement of the bank showed a loss of KES 71.8 million.
The Nigerian commercial bank also looks forward to deepening its pan-African model through its move into the East African large market size with this new acquisition.
Earlier this year, Access Bank acquired Diamond Bank in a merger that came as a surprise to many on the grounds that the latter appears bigger than the former.
The merger in the form of acquisition saw Access Bank obtained all liabilities, assets and undertakings from Diamond Bank.
Herbert Wigwe, CEO, Access Bank had once mentioned that the commercial bank is making moves to establish Africa’s largest retail organisation.
With all indications, it appears as if the CEO’s statement is very well on track.
Featured Image: smpreneurs
Don’t miss important articles during the week. Subscribe to cfamedia weekly newsletter for updates.