As part of its plans to become a dominant force across the African financial space, Access Bank Plc, on Monday announced a planned foray into Kenya, with the proposed acquisition of medium-sized Transnational Bank Kenya Limited, one of that country’s 44 licensed banks founded in 1984.
The company, according to Wikipedia was established under the name Transnational Finance Company and provided loans, lease-purchase arrangements to depositors and non-depositors, becoming a commercial bank the following year, necessitating a name change.
A notice by the bank to the Nigerian Stock Exchange (NSE), titled “Access Bank Plc- Acquisition of controlling equity interest in Transnational bank Kenya Plc,” said the move is in pursuance of a strategic objective of becoming Africa’s gateway to the world.”
The statement by Sunday Ekwoche, company secretary of Access Bank Plc said it has obtained the CBN’s “no objection” to the proposed acquisition and now “requires the approvals of the Kenya regulatory authorities and the COMESA Competition Commission which are being awaited.
CNBC Africa, in its report, quoted Herbert Wigwe, Group Chief Executive of Access Bank as anticipating that the deal will be concluded before the end of next week.
Access Bank is looking at acquiring 93.57% of Transnational Bank, amidst the consolidation exercise in Kenya’s banking sector.