Access Bank finally Acquires Kenyan Bank, Transnational Bank Plc

Access Bank has finally acquired 100% of Kenya’s Transnational Bank Plc and its 28 branches, as the Central Bank of Kenya (CBK) gave its final nod.

In October 2019 we gathered that Access Bank from the first quarter of 2020, would expand its footprint across Africa. The bank, which is the largest in Nigeria by customer-size, had embarked on this path seven months after merging with another Nigerian bank, Diamond Bank.

When will takeover be effective? Nigerian Notch learnt that 100% of the shareholding of Transnational Bank will become that of Access Bank from February 1, 2020, after receiving approval on December 24, 2019, for the acquisition.

In a statement, the Kenyan bank regulator, CBK, stated that, “Access Bank Plc’s business model mainly focuses on corporate and retail banking and its strong group support is expected to drive Transnational Bank Plc’s business growth for the benefit of the Kenyan economy and the banking sector.”

Kenyan banking industry in inorganic phase: According to CBK, the acquisition is expected to strengthen the resilience of Kenya’s banking sector, which has been opened to merger and acquisition of various banks. The country has recorded merger between NIC Group Plc and Commercial Bank of Africa Limited, and KCB Group Limited’s acquisition of National Bank of Kenya Limited.

Kenya’s Central Bank has been pushing for a merger between the country’s banks because it has more banks per person than South Africa and Nigeria. Kenya has a population of 50 million with about 40 banks. The drive for consolidation had led SBM Holdings Ltd of Mauritius to acquire some of the assets of Chase Bank Kenya Limited and the entire capital of Fidelity Commercial Bank Limited.

With this move by Access Bank, it now has operation in Kenya like its Nigerian counterparts, Guaranty Trust Bank (GTBank) and United Bank of Africa (UBA).

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate

BREAKING NEWS: NARD SET TO CALL OF STRIKE AFTER SENATE'S INTERVENTION

••• Cancels Planned National Protest Striking members of the Nigerian Association of Resident Doctors (NARD) are set to call off their two week old strike after a closed door meeting with Principal Officers of the Senate on Tuesday. Adressing the media shortly after the closed door meeting with President of the Senate, Godswill Akpabio and other Principal Officers of the Senate, National President of the association, Dr Emeka Innocent Orji, stated "we had a very fruitful meeting with the Senate led by the President of the Senate and from our discussions with them, we are very hopeful that when we table our discussions today before the NEC, something positive would come out. "From our interaction with the President of the Senate and the practical demonstration he did before us today, we are very confident that there would be light at the end of the tunnel in the next 24 hours. "Because of the intervention of the President of the Senate, who is the number three citizen an

BREAKING: 2Baba Shot Dead In Rivers State

A notorious cult leader and the prime suspect in the brutal murder of the late Divisional Police Officer, SP Bako Angbashim, in the state, Gift Okpara, popularly referred to as 2Baba, has been reportedly killed in a police-led major security raid. The police and other security agencies were said to have conducted land and aerial raids at the identical hideout of the Iceland cult leader and his gang at Idu-Ekpeye in Ahoada East local government area of Rivers on Saturday, February 17. According to The Nation , the Iceland cult leader was reportedly feared dead after the operation. Recall that in September 2023, the late DPO was ambushed and captured by the cult group led by 2Baba in the Odiemudie community, Ahoada East LGA. 2Baba and his gang then took the DPO to the forest, where they killed him and dismembered his body. The cultists then filmed him. Another source, Obi, said he saw no less than 15 vehicles and an Armored Personnel Carrier (APC) during the operation.

NIGERIAN NOTCH

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