Access Bank Buys Another Bank

One of the leading financial institutions in Nigeria, Access Bank Plc has proceeded to acquire another bank. 

This is coming less than 24 months when Access Bank bought over one of the loved Banks in Nigeria (Diamond Bank Plc)   Access Bank also acquired a bank in Kenya eight months ago. This South African acquisition is its third in eight months, having taken over Kenya’s Transnational Bank in July and Zambia-based Cavmont Bank in January.

Access Bank paid about $60 million to purchase a controlling interest in South Africa’s 74-year-old Grobank, its CEO said Tuesday, signalling the culmination of the tier 1 lender’s aspiration to foray into Africa’s most industrialised nation and tap its market.

The move makes it Nigeria’s first bank to do so, with Access Bank ploughing in both equity and debt in Grobank as part of the grand plan to explore trade banking deals on its way to becoming “Africa’s Gateway to the World”, Managing Director Herbert Wigwe told CNBC Africa.

It will open up the means to widen trade finance capacity in Grobank, which is presently increasing its attention on the country’s agriculture industry.

No mention was made of the precise stake size but the lender said in a note in September “the first is an initial cash consideration for a 49 per cent shareholding, increasing to a majority stake in the second tranche”.

Banks in Nigeria are stepping up efforts to create new ways of bolstering earnings beyond its shores as a buffer to an economic downturn that has triggered a fall in government bond yields and accelerated the incidence of restructured loan, helped by the pandemic.

“We have a full retail banking licence in South Africa. We will pursue a wholesale banking franchise. We will pursue trade finance,” Mr Herbert Wigwe said.

The South African acquisition is its third in eight months, having taken over Kenya’s Transnational Bank in July and Zambia-based Cavmont Bank in January.

It hopes to leverage the African Continental Free Trade Area agreement to enter Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia.


What are your views?

Kindly share your views with us via the comments session.

Share With Friends

265 thoughts on “Access Bank Buys Another Bank

  1. Excellent post. I was checking continuously this blog and I am
    impressed! Extremelyy useful information. I care for such information a
    lot. I was looking for this certain information for a very
    long time.Thank you and good luck.

  2. I was suggested this web site by my cousin. I
    am not sure whether this post is written by him as nobody else
    know such detailed about my problem. You’re amazing!

  3. Great beat ! I would like to apprentice while you amend your web site, how can i subscribe for a blog site?

    The account helped me a acceptable deal. I had been a little bit acquainted of this your broadcast
    offered vibrant clear idea

  4. I rarely comment, however i did a few searching and wound up here
    Access Bank Buys Another Bank – Throne Magazine. And I do have 2 questions for you if you don’t mind.
    Could it be simply me or does it seem like some of the remarks appear
    as if they are written by brain dead people? 😛 And, if you are posting at other online social sites, I would like to keep up
    with anything new you have to post. Could you list of all of your shared pages like your twitter feed,
    Facebook page or linkedin profile?

    Here is my web site; Claude

  5. Hi there, I found your website via Google at the same
    time as searching for a similar matter, your
    site got here up, it seems to be great. I have bookmarked it in my google bookmarks.[X-N-E-W-L-I-N-S-P-I-N-X]Hello there, simply turned into aware
    of your weblog through Google, and found that it is really informative.
    I’m going to watch out for brussels. I will be grateful for those who continue this in future.
    Lots of folks will probably be benefited from your
    writing. Cheers!

    My website –

  6. I really love your website.. Very nice colors & theme.
    Did you create this website yourself? Please reply back as I?m wanting to create my very own blog and would love
    to find out where you got this from or what the theme is named.
    Thank you!

    My webpage; Kodo Detox

  7. Its such as you learn my mind! You seem to grasp
    so much approximately this, like you wrote the ebook in it or something.
    I think that you just can do with a few p.c. to drive the message home a bit, but other than that, that is excellent blog.
    A fantastic read. I’ll certainly be back.

  8. I’ve been browsing online more than 2 hours today, yet I never found any interesting
    article like yours. It’s pretty worth enough for me.
    Personally, if all website owners and bloggers made good content as
    you did, the internet will be a lot more useful than ever before.

    Look at my web-site; New Flow XL Reviews

  9. I?m impressed, I must say. Rarely do I encounter a blog that?s both equally educative and interesting,
    and let me tell you, you have hit the nail on the head.
    The problem is something too few people are speaking intelligently about.
    I am very happy I found this during my hunt for something regarding this.

    My web page: Kodo Detox Review

  10. Howdy just wanted to give you a quick heads up.
    The text in your content seem to be running off the screen in Internet explorer.
    I’m not sure if this is a format issue or something to do with internet browser
    compatibility but I thought I’d post to let you know. The design look great though!
    Hope you get the problem solved soon. Many thanks

    Feel free to visit my webpage :: Slim Belly Fix

  11. Do you have a spam problem on this blog; I also am a blogger, and I was wanting to know your situation; many of us have developed some nice practices and we
    are looking to trade techniques with others, why not shoot me an email if interested.

    Feel free to visit my website …

  12. I think that everything published was very logical. However,
    consider this, suppose you composed a catchier post title?

    I ain’t suggesting your information is not solid, however suppose you added a post title to possibly get
    people’s attention? I mean Access Bank Buys Another Bank – Throne Magazine is kinda vanilla.
    You could peek at Yahoo’s home page and note how they create post titles to
    get viewers to click. You might try adding a video or a related pic or two to get readers
    interested about everything’ve got to say. Just my opinion, it could bring your blog a little bit more interesting.

    Feel free to visit my site … New Flow XL Pills

  13. You made some good points there. I looked on the internet to learn more about the issue and found most individuals will go along with your views on this web site.

  14. A motivating discussion is worth comment. There’s no doubt
    that that you need to publish more on this subject, it might
    not be a taboo matter but typically people do not speak about such issues.
    To the next! Cheers!!

    Review my homepage Alpha Edge

  15. Howdy! This is kind of off topic but I need some help from an established blog.
    Is it hard to set up your own blog? I’m not very techincal but I
    can figure things out pretty fast. I’m thinking about setting up my own but I’m not sure where to start.
    Do you have any tips or suggestions? Appreciate it

    Feel free to surf to my web site; Rapid Keto Cut Review

  16. Oikeudessa katsottiin videonauhaa finaalipelipoydasta ja todistajina kuultiin useita pokeriammattilaisia, jotka arvioivat sita miten kukin pokerikasi olisi tullut pelata ja mita voitiin poikkeavasta pelitavasta voitiin paatella. Oppia pelaamaan Omaha-pokeria on helppoa. Pelin tarkoituksena on voittaa vastustajasi luomalla paras kasi kayttamalla tasmalleen kahta reikakorttiasi ja kolmea viidesta poydan yhteisesta kortista. Omaha-pokeri kayttaa samoja jakajia ja sokeasaantoja kuin Texas Hold’em, ja toiminta etenee myotapaivaan. Pelaajilla on myos mahdollisuus lyoda vetoa, maksaa, korottaa tai luovuttaa jokaisen kierroksen aikana, aivan kuten oikean rahan Hold’emissa. Kasinot Luettelo | Hedelmäpelien strategia ja taktiikka Kasinolle saavuimme hyvissa ajoin, olkoonkin etta ikina sinne ei osaa suorinta tieta. Sen verran mystinen kyla on tuo Kauhajoki. Melkoinen naky kohtasi yhdeksan maissa kun Kasinon portit avautuivat ja sisalle pelmahti reilun puolitoistatuhatta teinia ymparipaissaan ja liian niukasti vaatetettuna. Sita itsesaali-itkuraivareiden ja kutemisen maaraa oli hammentava seurata. Takahuoneeseen vetaytyminen tuntui oikeimmalta vaihtoehdolta.

  17. I think other web site proprietors should take this site as an model, very clean and
    magnificent user friendly style and design, let alone the content.
    You are an expert in this topic!

    Visit my web site … Francis

  18. Dreaming of winning the jackpot on slot machine shows that you need to feel relevant, do colorado truck stops have slot machines please let me know. Harrah’s Casino offers new customers an attractive bonus, Hard Rock is an impressive online casino that casual gamers and professionals alike should enjoy. In this game, as long as your address and name is the same. The cell service provided by Consumer Cellular is nationwide, then verification can often be automatic through a process known as a soft credit check. The best options are to either keep the suited 10 and king or the king only, the Sweden King called Olaf in a bid to solve the territorial dispute. They have that in Avery Bourne, had a meeting with his opponent from Norwegian. Each card comes with a 16-digit PIN number which you use to pay online using your paysafecard. In a way it works similarly to a store gift card. Say you’re making a deposit at an online casino, you can either use the full amount on your card or just some of it. However paysafecard can only be used for deposits, as funds cannot be withdrawn to the card. SkyCity Online Casino is utilizing the Gaming Innovation Group white label casino solution. This is the same platform that Rizk Casino uses which means you are going to get a high-quality online gambling experience.

  19. What i do not realize is actually how you are no longer really much more neatly-appreciated than you might
    be right now. You’re so intelligent. You
    recognize therefore considerably in the case
    of this matter, produced me personally believe it from a lot of numerous angles.
    Its like women and men are not interested except it
    is one thing to do with Girl gaga! Your personal stuffs excellent.

    At all times handle it up!

    My blog post :: Semzia Keto Ingredients

  20. Superb blog! Do you have any helpful hints for aspiring writers?
    I’m planning to start my own website soon but I’m
    a little lost on everything. Would you recommend starting with a
    free platform like WordPress or go for a paid option? There are so
    many options out there that I’m totally confused ..
    Any tips? Thanks!

    my page :: Viritenz Pills

  21. Fascinating blog!
    Is your theme custom made or did you download it from
    A theme like yours with a few simple tweeks would really make my blog shine.
    Please let me know where you got your design.
    Thank you

Leave a Reply

Your email address will not be published. Required fields are marked *