Access Bank Plc says it has received regulatory approvals of South African and Nigerian regulatory authorities to its proposed acquisition of South African based Grobank Limited.
The bank stated this in its filling with the Nigerian Stock Exchange on Friday, remarking that, “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.”
Commenting on the development, Mr. Herbert Wigwe, the GMD/CEO of Access Bank, 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 on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”
Grobank first entered the market in 1947 as the South African Bank of Athens, delivering world-class business banking services through a team of dedicated, highly experienced relationship managers.
Over the years, it has gained repute for great business banking service and relationships, as well as market-leading, niche alliance transactional banking offerings, operating in partnership with its businesses. It is built on a history of relationship, insight and true collaboration. People helping people has always mattered.
It is a bank that is passionate about food security across South Africa and Africa, with streamlined products, expertise and services that focus on every link in the food value chain.
Access Bank Plc commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator and it was founded in 1989.
It was originally a corporate bank before it acquired personal and business banking platforms from Nigeria’s Intercontinental Commercial Bank in 2012.
It is presently the largest bank in the African continent following its merger with Diamond Bank in April 2019 in terms of assets, loans, deposits and branch network.