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Nigeria's Access Bank Acquires Kenya's Transnational Bank Plc.

Access Bank Plc. has completed its acquisition of Transnational Bank Plc.

Access Bank Plc. has completed its acquisition of Transnational Bank Plc., following its receipt of full regulatory approvals and fulfillment of all conditions precedent to completion.

The notice was disclosed in a corporate disclosure on the Nigerian Stock Exchange, It 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 unrivaled customer experience.”

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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 with  Cavmont Bank Limited.

Access Bank Plc. recorded a profit after tax of N40.9 billion in the first quarter period which ended on March 31st, 2020, recording a 27% increase in Net interest income which went from 56.8 billion in the first quarter of 2019 to N72.2 billion for Q1 2020.

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.

This event signals the burgeoning growth of Africa's financial sector, with the continent becoming the global hub of financial (technology) innovations in recent times. This also signals an increase in collaboration across and cross-pollination within Africa's financial sphere, and this bodes well for the development and unification of the sector Across Africa.