Nigeria’s Access Bank has completed 100 percent acquisition of Transnational Bank effective February 1st, 2020.
This follows approval of the transaction in December by the Central Bank of Kenya. According to a statement by the regulator, the acquisition is expected to strengthen the resilience of Kenya’s banking sector.
Access Bank is currently the largest bank in Nigeria with an asset base of approximately 1.61 trillion shillings with eight subsidiaries in Africa and the United Kingdom.
The bank targets to enhance its corporate and retail banking business in Kenya through the new venture.
Access Bank has subsidiaries in Democratic Republic of Congo, Gambia, Ghana, Nigeria, Rwanda, Sierra Leonne, Zambia and the United Kingdom. The bank also operates representative offices in China, United Arab Emirates, Lebanon and India.
Access Bank business model mainly focuses on corporate and retail banking and its strong group support is expected to drive Transnational Bank business growth for the benefit of the Kenyan economy and the banking sector.
TransNational Bank commenced operations in December 1985. Currently the bank has 28 branches across the cross the country.