Weeks after receiving regulatory approval for the formal acquisition of South Africa’s Grobank Limited, leading Nigerian lender, Access Bank, has announced that its South African subsidiary, Access Bank South Africa Limited, has been officially birthed following the completion of all regulatory procedures. This new development will position the South African subsidiary of Access Bank to deliver a robust banking operation that connects key African markets.
According to a disclosure by the bank during the official closing ceremony in Sandton, the deal was finalized after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa.
Commenting on the successful completion of the acquisition process, Herbert Wigwe, the group managing director and chief executive officer of Access Bank, 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.”
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Bennie van Rooy, chief executive officer of Grobank 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. 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.”
Meanwhile, this acquisitions comes few weeks after the leading financial institution in Africa completed the full acquisition of Cavemount Bank as well as the earlier reported full takeover of the Transnational Bank of Kenya amongst other big acquisitions.
Elsewhere, the top executives of the two banks were upbeat about new opportunities for clients and noting that the Bank will continue to support all its stakeholders while opening doors to growth opportunities both in the short and long term.
Frontpage November 11, 2019