Access Bank acquires Kenya's Transnational Bank

      

Access Bank has completed its acquisition of Kenya's Transnational Bank. The Access Bank first announced in October 2019 of its intention of acquire the bank. By acquiring the majority shareholding in Transnational Bank, Access bank is joining other Nigeria big banks like UBA and GTB to compete for the Kenya market. Transnational Bank is valued at 10.236 billion Kenyan Shillings or $95.127 million in 2018

The notice on the corporate disclosure of the Nigeria Stock Exchange reads:

"The Bank’s vision is to be the World’s Most Respected African Bank and our entry into the Kenyan market, a gateway in East Africa, not only brings us closer to that vision but enables our customers tap into our extensive global network that translates into immense business opportunities, robust and efficient digital solutions, competitive products and unrivalled customer experience.” 

          

The Chief Executive officer of Access Bank Herbert Wigwe in his note to the Stock Exchange stated "We are excited to make an entry into the vibrant Kenyan market. We pledge to put our customers at the forefront of everything we do. Through the creation of a world class payment system, we will build and support our wholesale and retail customers using our strong customer insights to deliver beyond their expectations,”