Access Bank Is No Longer Interested in Purchasing Kenyan Bank After ‘Certain Conditions Are Not Met’
- Access Bank has decided again to pursue its plans to buy Kenya bank, Sidian Bank Limited
- The decision was reached after it revealed that it is no longer comfortable after certain conditions were not met
- Access bank first announced plans to buy the bank seven months ago and all seemed to have been sealed
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Access Bank Plc has announced that it would no longer be buying Kenyan-based lender, Sidian Bank Limited.
The deal which was worth N15 billion hit a snag after Access Bank failed to reach a conclusive agreement with Centum Investment Plc, owners of Sidian Bank.
Access Bank first announced plans to take control of the bank in June 8, 2022, proposing to take the entire 83.4% equity stake held by Centum in Sidian Bank Limited.
Source: Depositphotos
The deal was considered strategic in Access Bank drive to expand its severices across African markets.
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Access Bank cut off deal to buy a Kenyan bank
In a notice, Access bank said that it stopped due to the parties’ failure to reach an agreement that satisfies all the involved parties.
It stated,
“Although regulators have all been supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met, and the parties were unable to reach an agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.
“Consequently, we hereby notify the NASD OTC Securities Exchange that the Sidian acquisition will no longer be completed by the bank."
Access Bank also noted that despite this drawback, it would continue to explore its choices in the East African markets and even in Kenya.
It stated:
“The bank, however, remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.
List of Nigeria's most valuable banks start of 2023
Meanwhile, in another report, Legit.ng revealed the list of the most valuable bank in Nigeria at the start of 2023.
Zenith Bank and GT Bank are the most valuable on the Nigerian market among the 13 banks ranked.
The banks were ranked based on their market capitalization as of Friday, January 6, 2023.
Source: Legit.ng
