Big Nigerian lender, Access Bank, has acquired 100 percent of a Kenyan Bank with 28 branches, the East African Country’s Central Bank said Friday.
Access Bank’s acquisition of Kenya’s Transnational Bank comes amid its plans to expand to Mozambique and Sierra Leone, while Nigeria’s Central Bank on Wednesday gave ‘No Objection’ to the tier-one bank’s moves to open its subsidiary in Cameroon.
The Central Bank of Kenya (CBK) said the acquisition is expected to “drive Transnational Bank Plc’s business growth for the benefit of the Kenyan economy and the banking sector.”
The acquisition takes effect February 1, 2020 and follows CBK’s approval on December 24, last year.
Shares of Access Bank are up 0.48 percent to N10.4 per share on the Nigerian Stock exchange (NSE).