South Africa-based Growbank has been officially christened Access Bank South Africa Limited, after it was acquired by one of Nigeria’s leading banks Access Bank Plc.
This was disclosed in a statement by the bank made available to BizWatch Nigeria, stating that the deal followed the completion of regulatory procedures.
With this deal, Access Bank takes major control of shares in the former Grobank Limited, South Africa.
The acquisition marks an achievement for Access Bank in its plans for expansion, spreading its services across the African market.
At the closing ceremony held in Sandton, South Africa, the institution’s top executives expressed optimism in the possibilities the acquisition would provide for clients.
Speaking at the event, Grobank’s Chief Executive Officer (CEO), Bennie van Rooy, said “This is an extremely exciting day for the South African banking industry. Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.
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“Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.”
Sharing the vision of Access Bank at the event was the Chief Executive Officer (CEO), Access Bank, Herbert Wigwe.
Wigwe said that the acquisition was a step towards the goal of becoming “Africa’s gateway to the world”.
He said, “Today’s ceremony in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World, in line with our vision to be the World’s Most Respected African Bank.
“We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent.”
Access Bank has over 600 branches and service outlets on three continents, 12 countries, providing financial services to 31 million customers.
