Nigerian lender Access bank boost East African presence with Kenya’s Transnational bank acquisition

0
687

Brooklyn, New York , Jan 17 – Central Bank of Kenya has approved the acquisition of 100% of Transnational by Access Bank effective February 2020.

In a statement, CBK says the move comes as a result of approval by the bank regulator and treasury in line with the banking act.

ADVERTISEMENT
“This follows CBK’s approval on December 24, 2019, under Section 13 (4) of the Banking Act and approval by the Cabinet Secretary, National Treasury on January 6, 2020, for the acquisition under Section 9 of the Banking Act,” reads the statement.

It adds that the move is aimed at strengthening the resilience of Kenya’s banking sector.

Transnational Bank Plc commenced operations in December 1985 and has assets worth Sh10.2 billion.

It has twenty-eight branches across the country.

In 2018, the bank made a loss of Sh71.8 million after registering a profit of Sh36.4 million in 2017.

Access Bank, on the other hand, became Nigeria’s largest bank after merging operations with Diamond Bank of Nigeria.

It has a total asset base of approximately Sh1.61 trillion with more than five subsidiaries across the region.

“Access Bank has subsidiaries in the Democratic Republic of Congo (DRC), Gambia, Ghana, Nigeria, Rwanda, Sierra Leone, Zambia, and the United Kingdom. The bank also operates representative offices in China, United Arab Emirates, Lebanon, and India,” CBK statement indicates.

SHARE
Previous articleNigeria not ready for implementation of Eco Single Currency in 2020 – Onyeama
Next articleNigeria to issue 150 bln naira worth of sukuk this year
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

This site uses Akismet to reduce spam. Learn how your comment data is processed.