Access Bank gets nod to acquire South African Bank

Access Bank has announced that it has got the approval of South African and Nigerian regulatory authorities to its proposed acquisition of South African based Grobank Limited.

The statement by the lender to the Nigerian Stock Exchange dated March 26, 2021, said the approvals constituted a significant milestone in the transaction.

The statement titled, ‘Access Bank announces receipt of regulatory approvals in respect of its proposed acquisition of Grobank Limited’, said the transaction would be completed in the second quarter of 2021, sequel to the completion of other conditions precedent.

Chief Executive Officer of the bank, 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 customers across the continent.

“It will also build our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders”.