Access Bank Plc on Friday announced that it has received approvals from the South African and Nigerian Regulatory authorities with respect to the proposed acquisition of the South African Based Grobank Limited.
The transaction is expected to be completed in the second quarter of 2020 according to the bank in the publication signed by the Company Secretary Sunday Ekwochi.
“Today’s announcement represents significant progress in delivering on our strategic intent of becoming Africa’s gateway to the world in pursuit of our vision to be the world’s most respected African bank” Mr. Herbert Wigwe, the GMD/CEO of Access Bank said while commenting on the development.
“Our presence in South Africa we will no doubt accelerate the attainment of our goal of delivering our More than Banking promise to 100 million unique customers across the continent. It will also build on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”
Access Bank Plc, in August 2020 announced the acquisition of 100% equity interest in Cavmont Bank Zambia Ltd by Access Bank Zambia (ABZ) Limited, a wholly owned subsidiary of Access Bank Plc.
Also in July 2020 Access Bank Plc announced that it has completed the acquisition of Transnational Bank Plc (TNB) in Kenya.
According to the information on its website, GroCapital Holdings is the bank holding company of Grobank. GroCapital is in turn held by Fairfax Africa, the Public Investment Corporation and AFGRI Group Holdings (AGH). The Bank deepens AGH’s reach in the financial services, agribusiness and foods sectors in South Africa. Financial services are a key enabler for these sectors and will help businesses grow and drive food security.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.