Access Bank Reiterates commitment to strengthen cross-border banking

Access Bank Plc has reassured stakeholders of its commitment to sustain its cross-border banking presence in Africa following the bank’s discontinuation of Sidian Bank of Kenya’s acquisition.

The bank said in a statement signed by the Company Secretary of Access Holdings Plc, Sunday Ekwochi, that the failed acquisition’s entire 83.4 per cent shareholding held by the investment company in Sidian Bank Ltd stemmed from its failure to meet some requisite conditions.

According to a statement issued by the bank’s parent company, Access Corporation, to the Nigerian Exchange Limited recently, “The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the long stop date as defined in the transaction agreement.

“Although regulators have all been supportive in engagements around the transaction, certain conditions precedent including those required of Sidian Bank which was 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 Nigerian Exchange Ltd and the investing public that the Sidian acquisition will no longer be completed by the Bank.”

It added that the failed acquisition would not affect the bank’s drive to promote regional trade finance and other cross-border banking services in Africa.

Access Bank reassured stakeholders of its commitment to pursue responsible opportunities to expand its footprint in Kenya, which represented the largest market and trade corridor in East Africa.

“The bank 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,” the statement read.

Source: punch