Banking & Finance
Access Bank Granted Regulatory Approval To Acquire Grobank
Access Bank Plc disclosed that it has received approval from South African and Nigerian regulatory authorities to acquire the South African-based, Grobank Limited.
Brandnewsday gathers that Access Bank expectation of 30% profit outside its Nigerian base, through a series of acquisitions in East and West Africa, is coming to fruition.
According to the announcement, the approvals constitute a significant milestone in achieving completion of the transaction by the second quarter of 2021. This milestone further solidifies Access Bank Plc’s outside revenue plan especially after the announcement that its Zambian subsidiary (Access Bank Zambia) has finalized the acquisition of Cavmont Bank Limited.
READ: Access Bank Completes The Acquisition Of Cavmont Bank
According to the CEO of Access Bank, Mr Herbert Wigwe, “Today’s announcement represents significant progress in delivering on our strategic intent of becoming Africa’s Gateway to the World in pursuit of our vision to be the World’s Most Respected African Bank.”
Access Bank Granted Regulatory Approval To Acquire Grobank
Meanwhile, Grobank in South Africa and Cavmont Bank in Zambia are further pointers of Access Bank’s presence in the SADC region.
Nigeria’s biggest banks such as Access Bank, Guaranty Trust Bank Plc, and Stanbic IBTC Holdings Plc are diversifying outside their core operations or expanding across Africa in an attempt to increase revenue after the outbreak of the Covid-19 pandemic.
The approved acquisition would enable the bank to further pursue its objectives of business diversification, enhanced operational efficiencies, talent retention, and robust governance.
