Url.https'>

Seven Months After Merger With Diamond Bank, Access Bank Moves To Acquire Kenyan Bank

Seven Months After Merger With Diamond Bank, Access Bank Moves To Acquire Kenyan Bank
Access Bank Plc has made moves to acquire Transnational Bank Ltd after seven months of merging with Diamond Bank.
The bank will be joining other top Nigerian banks like United Bank of Africa Plc and Guaranty Trust Bank Ltd. already operating in the Kenyan market.

Access Bank received the go-ahead to acquire Transnational Bank Limited after confirmation from Competition Authority of Kenya. The acquisition will see Access Bank takeover 93.57% of Transnational Bank Limited.

The deal bodes well for the Central Bank of Kenya’s push for consolidation in an industry of more than 40 lenders and a population of almost 50 million people. Kenya has more banks per person than South Africa and Nigeria, Africa’s two largest economies.

In the past two years, SBM Holdings Ltd. of Mauritius bought up some of the assets of Chase Bank Kenya Ltd. and the entire capital of Fidelity Commercial Bank Ltd.

Recall that Access Bank previously merged with Diamond Bank to form a leading Tier 1 Nigerian bank, spanning three continents, 12 countries and 29 million customers.

See Next: Full List Of The USSD Codes Of All The Commercial Banks In Nigeria
Loading...
Previous
Next Post »