Access Bank Plc has received regulatory approval from Nigerian regulators and South African regulators to acquire, Grobank Limited, a South African-based financial institution.
The bank in a notice to the Nigerian Stock Exchange (NSE) on Friday issued by the Company Secretary, Sunday Ekwochi, described the approvals from the regulatory bodies as a significant milestone in the transaction.
According to the bank, the acquisition would be completed by the second quarter of 2021, on completion of other stipulated conditions.
Speaking on the development, the Group Managing Director, Access Bank, Mr Herbert Wigwe, said, “Today’s announcement represents significant progress in delivering on our strategic intent of becoming Africa’s Gateway to the world in pursuit of our vison to be the World’s Most Respected African Bank.
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“Our presence in South Africa will no doubt accelerate the attainment of our goal of delivering our More than Banking promise to 100 million unique customers across the continent, it will also build our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”
Access Bank had announced last year that it would acquire a majority stake in Grobank Limited in two tranches after entering into a definitive agreement with GroCapital Holdings.
The planned acquisition comes amidst a series of acquisitions made by Access Bank to expand its operation across Nigeria.
It was gathered that the first payment will see Access Bank take 49 per cent of Grobank Limited’s shares before the second payment will make the Nigerian lender the highest shareholder in Grobank.
