Just as more winners have continued to emerge in the ongoing Diamond Extra Account promotion nationwide, the Competition Authority of Kenya (CAK) has given Access Bank the approval to acquire 93.57% of Transnational Bank Ltd., one of the leading financial giants in Kenya.
The acquisition came at a time the Kenyan Central Bank is driving banking recapitalization process as part of efforts to deepen customer confidence in financial service sector.
Business Hilights gathered that Access Bank Plc’s purchase followed the merger of NIC Group Plc and Commercial Bank of Africa Ltd., and KCB Group Ltd.’s acquisition of National Bank of Kenya Ltd. earlier in the year.
With this feat, Access Bank will join other Tier 1 Nigerian banks including Guaranty Trust Bank Ltd. and United Bank of Africa Plc as Nigerian banks operating in the East African economy.
An inside source in the bank revealed further that the deal bodes well for the Central Bank of Kenya’s push for consolidation in an industry of more than 40 lenders and a population of almost 50 million people.
Bloomberg reports that Kenya has more banks per person than South Africa and Nigeria, Africa’s two largest economies.