Access Bank gets go-ahead to acquire South Africa-based bank

Access Bank Plc, Nigeria’s biggest lender, announced on Friday 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.

These approvals constitute a significant milestone in the transaction, which is expected to be completed in the second quarter of 2021, subject to completion of other conditions precedent, according to a statement by its Company Secretary, Sunday Ekwochi.

The Group Managing Director/Chief Executive Officer, Herbert Wigwe, said, “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.

“Our presence in South Africa will no doubt accelerate the attainment of our goal of delivering our ‘More than Banking’ promise to 100 million unique across the continent. It will also build on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”