Access Bank Receives Regulatory Approvals to go ahead with Planned Acquisition of Grobank Ltd
Regulatory authorities in South Africa and Nigeria have given approvals to Access Bank Plc to go ahead with its planned acquisition of South Africa-based Grobank Ltd.
In a corporate action that was sent to the Nigerian Stock Exchange this morning, Access Bank described the approvals as a major milestone in the proposed transaction which is expected to be finalised sometime in the second quarter of the year.
Reacting to the development, the Chief Executive Officer of the tier-1 Nigerian bank, Herbert Wigwe, said the development is in furtherance to the company’s goal of becoming the gateway to world as far as banking and finance is concerned.
“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.
“Our presence in South Africa 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,” Wigwe said.
Note that this announcement is coming approximately six months after the Nigerian bank first announced on September 29, 2020 that it was engaging in talks with GroCapital Holdings, the parent company of Grobank Ltd.
When finalised, this will become the latest in a slew of acquisition deals that have been carried out by the Nigerian bank in recent years. Recall that just last year, the tier-1 bank acquired Zambia’s Cavemont Bank as part of its efforts to position itself as a major player in the SADC region.
Access Bank Plc also recently obtained regulatory approval from the Central Bank of Nigeria to restructure into a holding company. As Business Elites Africa reported at the time, Access Bank said the approval would accelerate its diversification efforts and improve operational efficiency.
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