The Central Bank of Kenya (CBK) has announced the acquisition of 100 percent of Transnational Bank Plc shareholding by Access Bank Plc effective February 1, 2020.
CBK approved the transaction on December 24, 2019 under Section 13 (4) of the Banking Act. The National Treasury Cabinet Secretary, National Treasury also approved acquisition under Section 9 of the Banking Act.
Transnational Bank which was opened in December 1985 has twenty-eight (28) branches across the country.
Access Bank was incorporated on February 1989 in Nigeria, and is currently the largest bank in Nigeria with a total asset base of approximately USD16.10 billion (Sh1.61 trillion).
Access Bank has subsidiaries in Democratic Republic of Congo (DRC), Gambia, Ghana, Nigeria, Rwanda, Sierra Leone, Zambia and the United Kingdom. The bank also operates representative offices in China, United Arab Emirates, Lebanon and India.
Its business model mainly focuses on corporate and retail banking and its group support is expected to drive Transnational Bank’s business growth for the benefit of the Kenyan economy and the banking sector.
The acquisition ais expected to strengthen the resilience of Kenya’s banking sector.