After Buying Standard Chartered’s Sub-Saharan Banks, Access Holdings Acquires $7m Stake in Kenyan Subsidiary

After Buying Standard Chartered’s Sub-Saharan Banks, Access Holdings Acquires $7m Stake in Kenyan Subsidiary

  • Access Holdings is investing $7 million into its subsidiary, Access Bank Kenya Plc
  • The capital injection will increase Access Bank Kenya's shareholder funds and capital ratios
  • The move followed an earlier agreement to acquire sub-Saharan Africa subsidiaries of Standard Chartered Bank

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Access Holdings Plc has invested Ksh1 billion ($7 million) into its subsidiary, Access Bank Kenya Plc, in an effort to strengthen its position in the Kenyan banking industry.

This is coming after a major development that saw Access Bank acquire Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as its Consumer, Private and  Business Banking business in Tanzania.

Access Holding
Access Holdings Acquires $7mn Stake in Kenyan Subsidiary Credit: Press Reader
Source: UGC

Legit.ng earlier reported that the subsidiary of Access Holdings, Access Bank, had acquired a majority stake in Angolan Bank, Finibanco Angola S.A.

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New deal to position bank for growth

According to report, Access Bank Kenya's financial reserves will be strengthened by the $7 million in capital, increasing its shareholder money and capital ratios.

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It is envisaged that the capital infusion would meet the unit's immediate capital needs and strategically position the bank to achieve its growth objectives in the Kenyan market.

Wigwe, Access Holdings’ Group CEO and a prominent figure in Nigeria’s banking sector, commented on this development, stating,

As a leading financial institution on the continent, we remain forward-thinking in our approach to growth and capitalization.

The $7 million in capital is expected to increase Access Bank Kenya's shareholder funds and capital ratios while strengthening its financial reserves.

It is envisaged that the capital infusion would meet the unit's immediate capital needs and strategically position the bank to achieve its growth objectives in the Kenyan market.

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In response to this development, Wigwe, the group CEO of Access Holdings and a well-known personality in Nigeria's banking industry, said: "As a leading financial institution on the continent, we remain forward-thinking in our approach to growth and capitalization."

Under Wigwe's direction, Access Holdings committed a large $300 million capital investment to its main business, Access Bank, earlier this year.

Building on a series of acquisitions that have significantly increased the bank's impact throughout important trade and payment corridors, this tier-one capital-qualifying Mandatory Convertible Instrument aims to strengthen the bank's presence across the African continent.

Access Bank, Zenith Bank, Others Send Messages to Customers, Gives Tips on How to Secure Bank Accounts

Legit.ng reported that Access Bank, one of Nigeria's biggest banks, is warning its clients about attempts by fraudsters to access their phones in order to access the money in their accounts.

On Wednesday, June 14, 2023, the bank sent out a message to its customers advising them to secure the SIMs in their phones because thieves often target SIM cards rather than phones to steal bank account information.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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