The South African acquisition is its third in eight months, having taken over Kenya’s Transnational Bank in July and Zambia-based Cavmont Bank in January.


Access Bank paid about $60 million to purchase a controlling interest in South Africa’s 74-year-old Grobank, its CEO said Tuesday, signalling the culmination of the tier 1 lender’s aspiration to foray into Africa’s most industrialised nation and tap its market.

The move makes it Nigeria’s first bank to do so, with Access Bank ploughing in both equity and debt in Grobank as part of the grand plan to explore trade banking deals on its way to becoming “Africa’s Gateway to the World”, Managing Director Herbert Wigwe told CNBC Africa.

It will open up the means to widen trade finance capacity in Grobank, which is presently increasing its attention on the country’s agriculture industry.

No mention was made of the precise stake size but the lender said in a note in September “the first is an initial cash consideration for a 49 per cent shareholding, increasing to a majority stake in the second tranche”.

Banks in Nigeria are stepping up efforts to create new ways of bolstering earnings beyond its shores as a buffer to an economic downturn that has triggered a fall in government bond yields and accelerated the incidence of restructured loan, helped by the pandemic.

“We have a full retail banking licence in South Africa. We will pursue a wholesale banking franchise. We will pursue trade finance,” Mr Wigwe said.

The South African acquisition is its third in eight months, having taken over Kenya’s Transnational Bank in July and Zambia-based Cavmont Bank in January.

It hopes to leverage the African Continental Free Trade Area agreement to enter Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia.

Source: www.premiumtimesng.com/news/top-news/452251-access-bank-acquires-third-bank-in-eight-months-takes-over-south-africas-grobank.html

Deducting customers fund illegally,and use the proceed to acquire more banks.

Una Weldon oo access Fraud

This bank strong o...

How they don't feel this APC hardship effect is a mystery

Omo it's like Access Bank is the Biggest bank oo

S

Na for that xenophobic shithole na im una go sink money?

Ride on!

Most useless bank

Pierohandsome:
Deducting customers fund illegally,and use the proceed to acquire more banks.

Una Weldon oo access Fraud

thank u very much. These guys deduct money 50# twice ... Last Friday and yesterday, even when I no pay or withdraw. Dem say na account maintainance

One of the best news to come out of Nigeria entitle since 2015. After all the South African comes to Nigeria to dominate our economy and the only thing for us to do is take from them as well.

Inroad

Be acquiring everything with your terrible bank network.
Like Glo, Like Access Bank.

All these fake as$ banks defrauding and freezing people's account any how

Access Bank is on fire.
I just hope they have the wherewithal to manage this success.
Poorly managed success can lead to a downfall or total collapse.
Congratulations to the Access Bank team.

Honestly bank is cashing out big time (Yahoo in disguise)

No bank is too big to fail
Access bank e sho ara yin o

But they already bought diamond bank

Thank God. Atleast I can open a ZAR account for my business hopefully. Always looked towards having one I can control from Naija.

Wonderful!

Respect to this bank called Access. I dey fear dem.

Wow.

South Africa?

Giant strides. This is after acquiring banks in Zambia and Kenya.

I hope they can scale up and merge operations without hitches.

Check my profile for PC Games.

naijaboy756:
This bank strong o...

How they don't feel this APC hardship effect is a mystery

Deductions....,....the customers beares the brunt.

...
No wonder they've been over charging their customers..

sammyj:
One of the best news to come out of Nigeria entitle since 2015. After all the South African comes to Nigeria to dominate our economy and the only thing for us to do is take from them as well.

Investment banking offers win-win deals.

Like a symbiotic relationship, they help businesses grow and their customers help them grow too.

Neither of the parties is cheating themselves.

Becos den pay $60M? ...I don't think so though

Hongkog:
Omo it's like Access Bank is the Biggest bank oo

Hongkog:
Omo it's like Access Bank is the Biggest bank oo

.

BigIyanga:
Most useless bank

Contrary to the general perspective and obvious corporate war against them, Access bank happens to be the best bank out of all banks I have transacted with.

Pierohandsome:
Deducting customers fund illegally,and use the proceed to acquire more banks.

Una Weldon oo access Fraud

God bless you. I am a victim o

if no be work wey i dey do sef watin concern me with bank? i will radar dey keep my money under my bed

jojofola:
Be acquiring everything with your terrible bank network.
Like Glo, Like Access Bank.

The acquisitions are motivated by greed and ego (prestige) not because they want to add any value....

Pierohandsome:
Deducting customers fund illegally,and use the proceed to acquire more banks.

Una Weldon oo access Fraud

How negative minded ppl like dis are always first to comment baffles me.......from my analysis those who comment first have nothing in there brain except to just be seen as first to comment

Boye33:
.

Contrary to the general perspective and obvious corporate war against them, Access bank happens to be the best bank out of all banks I have transacted with.

There's no war against them.... truth about them is just being told.. .. they believe your moni is their right!!! That they can deduct from you anyhow....

wow