Nigeria's top lender, Access Bank Holdings Plc is set to acquire majority stakes in Sidian Bank from Centum Investments. Entering into a binding agreement for about an 83.4% equity stake, Access bank aims to merge Sidan with its branch in Kenya. Valued at $259.3 million in cumulative assets and based in Nairobi Kenya, Sidian Bank offers corporate banking services to the urban and rural populations in the country.
Merging Sidian with its subsidiary in Kenya, Access Bank will seek leverage on the Sidian network in its strategic expansion drive in becoming a major challenger in the country's financial industry. Driven by its appetite for the continent and providing outstanding service, Access bank will work with Sidian in developing new ideas for its customers in Kenya. As compared to its other branches across the continent, Access Bank Nigeria contributes the most to the bank's N600 billion revenue value. A merger with Sidian will aim to change that narrative, by boosting productivity and development in Kenya.
Still subject to regulatory approval, Access bank will hope to have a replay of the Diamond Bank merger in 2019, as the bank will hope acquiring Sidian will help in reducing the number of its competitors in Kenya's banking industry. Ultimately improving the strength and potential of Access Bank Kenya in competing with the likes of Equity Bank, Diamond Trust Bank, and Kenya Commercial Bank.
Kenya in focus:
Population: 53.77 million in 2020 as compared to 52.57 million in 2019
GDP: $98.84 billion compared to $95.5 billion in 2019
GDP per capita: $1,838 in 2020 compared to $1,816 in 2019
