By Access Bank Plc has announced that it received approval from South African and Nigerian regulatory authorities to acquire South African-based Grobank Limited.
Through a series of acquisitions in East and West Africa, the bank’s expectation of 30% profit outside its Nigerian base is coming to fruition.
According to the announcement, the approvals constitute a significant milestone in achieving completion of the transaction by the second quarter of 2021.
“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,” CEO of Access Bank, Mr. Herbert Wigwe said.
The bank said the development solidifies its outside revenue plan especially after the announcement that its Zambian subsidiary (Access Bank Zambia) has finalized the acquisition of Cavmont Bank Limited.
The approved acquisition would enable the bank to further pursue its objectives of business diversification, enhanced operational efficiencies, talent retention, and robust governance.
One of Nigeria’s biggest banks, Access Bank, as well as its counterparts — Guaranty Trust Bank Plc, and Stanbic IBTC Holdings Plc are diversifying outside their core operations or expanding across Africa in an attempt to increase revenue after the outbreak of the Covid-19 pandemic.
