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.
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