Access Bank, one of Nigeria’s leading multinational commercial banks has officially launched its operations in Kenya after completing the acquisition of Transnational Bank of Kenya.
Access bank says the acquisition is strategic for its entry into the East African market, noting that it will rely on financial technology to grow its business in the competitive Kenyan lending.
Recalled, Access Bank Plc recently completed the acquisition of Transnational Bank (Kenya) Plc, a medium sized commercial bank that mainly focuses on Kenya’s agricultural sector.
Access Bank, in a notice to the investing public and the Nigerian Stock Exchange, noted that the acquisition of Transnational followed the receipt of full regulatory approvals and fulfilment of all conditions precedent to completion.
“The bank’s vision is to be the world’s most respected African bank and our entry into the Kenyan market, a key gateway in East Africa, brings us closer to that vision,” Access Bank said.
The Bank further noted that the acquisition of the Kenyan based commercial banks “enables our customers tap into our extensive global network that translates into immense business opportunities, competitive products, and unrivalled customer experience.”
Commenting on the acquisition, the bank’s Group Managing Director/Chief Executive Officer, Mr Herbert Wigwe, expressed excitement at the successful entry into the vibrant Kenyan market.
Wigwe noted that Access Bank pledges to put its customers at the forefront of everything it does.
He added that the Bank will endeavour to build and support its wholesale and retail customers using its strong customer insights to deliver beyond their expectations.
“We are indeed grateful to the regulators for the confidence reposed in us throughout this transaction and we acknowledge the support of our team of world class advisors whose hard work made this deal possible,” Wigwe added.
Access Bank is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network.
The Bank has subsidiaries in the Democratic Republic of Congo (DRC), Gambia, Ghana, Nigeria, Rwanda, Sierra Leone, Zambia, and the United Kingdom.
The bank also operates representative offices in China, United Arab Emirates, Lebanon, and India.
It actually began operations on May 11, 1989, establishing its first office located at Burma Road in the Apapa district. In March 1998, Access Bank changed its legal status and became a public limited company and in the same year, on November 18, entered the Nigeria Stock Exchange.
Access Bank (Kenya) PLC is a subsidiary of Access Bank PLC, a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and over 36 million customers.
The bank opened its doors to the Kenyan public in 2009 as part of a concerted effort of by UBA Group to expand its African footprint . UBA Kenya contributes positively to Group and plays a significant role in the quest to build the strongest domestic and African banking brand.
The bank currently operates through a network of about 366 branches across major cities and commercial centers in Nigeria, Gambia, Sierra Leone, Zambia, Rwanda and Democratic Republic of Congo.
Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.
KCB Group #ticker:KCB has been named as the Safest Bank in the country by Global Finance rankings. The 29th annual World's Safest Banks ranking recognises KCB among 14 African banks in the list consisting of lenders from 112 countries.
Eligible non-residents are permitted to establish bank accounts in Kenya. However, there are specific requirements for eligibility. You must have proof of residency (such as a valid address number, etc.). This is usually a minimum requirement for most Kenyan banks.
Mr. Ogbonna was appointed as the Bank's Managing Director/ Chief Executive Officer effective May 2022. Prior to this, he was appointed as the Bank's Deputy Managing Director in 2017 and Executive Director in 2013.
Access Bank's parent company, Access Corporation, has been listed on the Nigerian Stock Exchange since 1998 and has over 900,000 shareholders. As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.
As the only sub-Saharan African bank with an operational banking license in the U.S., UBA America provides critical services to those in and out of Africa.
In terms of assets, Kenya Commercial Bank (KCB) was the biggest bank operating in Kenya as of 2023. The institution registered an asset value of approximately 12.6 billion U.S. dollars. Equity Bank Group followed, with assets worth almost 12 billion U.S. dollars.
The oldest bank still in existence is Banca Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472.
Access said Wigwe had died in the crash, along with his wife and a son, in the United States, near the California-Nevada border. Nigeria's President Bola Tinubu said Wigwe's death was “an overwhelming tragedy that is shocking beyond comprehension.”
With the takeover of the bank, Aigboje Aig-Imoukhuede stepped in as managing director and Herbert Wigwe as deputy managing director of Access Bank in March 2002.
We began in 1947 as The South African Bank of Athens, to serve the Greek expat community – a business bank supporting SMEs. In 2018, Bank of Athens concluded a deal with AFGRI, Fairfax Capital and the PIC/GEPF to acquire the majority of the Bank's shares.
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