Bank Acquires More Banks
In a massive acquisition of different ‘A’ list banks, Access Bank Plc has announced that it received approval from South African and Nigerian regulatory authorities to acquire South African-based Grobank Limited.
The
bank’s expectation of 30% profit outside its Nigerian base, through a
series of acquisitions in East and West Africa, 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. This milestone further solidifies Access Bank Plc’s outside
revenue plan especially after the announcement that its Zambian
subsidiary (Access Bank Zambia) has finalized the acquisition of Cavmont
Bank Limited.
According
to the CEO of Access Bank, Mr. Herbert Wigwe, “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.”
Nigeria’s
biggest banks such as Access Bank, 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.
Things
to note:…The approved acquisition would enable the bank to further
pursue its objectives of business diversification, enhanced operational
efficiencies, talent retention, and robust governance.…Grobank in South
Africa and Cavmont Bank in Zambia are further indicators of the bank’s
presence in the SADC region.…In Nigeria, the bank is looking to
transition to a holding financial institution this year which will
enable it to open subsidiaries in insurance brokerage and payments.
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