Access Bank completes acquisition of Kenya’s Transnational Bank Plc.

Access Bank Plc. completes its acquisition of Transnational Bank Plc., following its earlier announcement on October 28th 2019 as well as its receipt of full regulatory approvals and fulfilment of all conditions precedent to completion.  

The notice which was disclosed in a corporate disclosure on the Nigerian Stock Exchange read, “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.” 

Mr. Herbert Wigwe, Managing Director/ Chief Executive Officer, commenting on the acquisition said, “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.” 

The company has been carrying out a myriad of expansionary projects in recent time. Just two weeks ago, Access Bank Zambia Limited announced that it was in advanced discussions with Cavmont Capital Holdings Zambia Plc. regarding a possible merger of Cavmont Bank Limited.  

Access Bank Plc.recorded a profit after tax of N40.9 billion in the first quarter period ended March 31st, 2020. It had recorded an increase in Net interest income which was N72.2 billion in the period, indicating a 27% increase juxtaposed with the N56.8 billion that was recorded in Q1 2019.  

Its shares at market close today stood at N6.10, on the lower end of its 52-week range of N5.30 and N12.00. Its price to earnings ratio was 2.86 and price to book, 0.34.   

Leave a Reply

Your email address will not be published.