Access Bank receives regulatory approval to acquire SA based Grobank

By Kayode Tokede

Sequel to its earlier announcement on September 29, 2020, Access Bank Plc announced on Friday that it has received the approval of the South African and Nigerian regulatory authorities to its proposed acquisition of the South African-based Grobank Limited.

These approvals constitute a significant milestone in the transaction which is expected to be completed in the second quarter of 2021 subject to completion of other conditions precedent.

Speaking on the development, the GMD/CEO of Access Bank, Mr. Herbert Wigwe said, “Today’s announcement represents significant progress in delivering on our strategic intent of becoming Africa’s Gateway to the World in pursuit of our vision to be the World’s Most Respected African Bank.

“Our presence in South Africa will no doubt accelerate the attainment of our goal of delivering more than Banking promise to 100 million unique customers across the continent.

“It will also build on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”