Access Bank Plc has commenced operations in South Africa following the completion of all regulatory procedures in the acquisition of controlling shares in Grobank Limited, a South African banking institution.
Grobank Limited has been officially renamed Access Bank South Africa Limited as of May 1, 2021.
Access Bank Plc in March 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 adding that the transaction is expected to be completed in the second quarter of 2021
With the new acquisition, the tier-1 Nigerian bank extends its penetration into Africa countries as the bank strives to be “worlds most respected African bank.”
The top executives of the two banks said that the acquisition will open doors for growth opportunities and that the bank will continue to support its stakeholders.
Read also: Dr. Okey Nwuke raises his stake in Access Bank Plc by 75%
At an official closing ceremony in Sandton, South Africa, Herbert Wigwe, CEO of Access Bank Plc, said: “Today’s ceremony in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World, in line with our vision to be the World’s Most Respected African Bank.
“We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent.”
CEO of Grobank, Bennie van Rooy said, “This is an extremely exciting day for the South African banking industry.
“Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.
“Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.”
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.
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.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
