Access Bank Plc, a Nigerian leading bank on Friday announced that it has received the approvals of the South African and Nigerian regulatory authorities to its proposed acquisition of the South African based Grobank Limited.
WorldStage earlier reported Access Bank’s strategic update and transactions in furtherance of its vision to be Africa’s gateway to the world which include the Central Bank of Nigeria’s approval-in-principle restructure to a holding company (HoldCo), regulatory approval to operate in Mozambique, and plans to acquire majority holding in South Africa’s Grobank Limited.
A note at the Nigerian Stock Exchange signed by Sunday Ekwochi, Company Secretary said, “these approvals constitute a significant milestone in the transaction which expected to be completed in the second quarter of 2021 subject to completion of other conditions precedent.”
Speaking on the development, Mr Herbert Wigwe, the GMD/CEO of Access Bank said, “Today’s announcement represents significant progress in delivering on our strategic intent of become Africa’s Gateway to the world in pursuit of our vision to be the World’s Most Respected African bank.
“Our presence in South Africa will no doubt accelerate the attainment of our goal of delivering our more that banking promise to 100 million unique customers across the continent. It will also build on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”
