Access Bank To Deepen Presence In Kenya After Exit From Previous Acquisition Plan

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One of Africa’s leading retail banks, Access Bank PLC, has restated its commitment to deepen its presence in the Kenyan market after the end of its plan with Centum to acquire the entire 83.4% shareholding held by the investment company in Sidian Bank Ltd.

The bank revealed the failure to fulfill some requisite conditions as the reason for calling off the proposed acquisition of Sidian Bank.

According to a statement issued by the Bank’s parent company Access Corporation, “The completion of the proposed transaction was subject to fulfillment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement.”

“Although regulators have all been supportive in engagements around the transaction, certain conditions precedent including those required of Sidian Bank which was needed to prudently complete the transaction have not been met and the parties were unable to reach an agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.”

However, the new development will not affect Access Bank’s drive to promote regional trade finance and other cross-border banking services in the East African Community (EAC) and broader COMESA region as it works towards its vision to be Africa’s gateway to the world.

Access Bank has also reassured stakeholders of its commitment to pursue responsible opportunities to expand its footprint in Kenya – which represents the largest market and trade corridor in East Africa. 

In a statement signed by Sunday Ekwochi, Company Secretary of Access Holdings PLC reads, “The Bank remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.” 

Recall that Access Bank already made a strategic entry into the highly-competitive Kenyan financial ecosystem through the acquisition of Transnational Bank Plc of Kenya (now Access Bank Kenya) in 2020. 

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