Nigeria’s Access Bank said in a filing to the stock exchange on Friday that it had received the approvals of the South African and Nigerian regulatory authorities for the proposed acquisition of the South African-based Grobank Limited.
The bank said the transaction is expected to be completed in the second quarter of 2021, subject to completion of other conditions precedent.
Speaking on the development, Herbert Wigwe, the GMD/CEO of Access Bank 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 our 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.”
At MoneyCentral all we have to say at this point is ‘We shall see’ given the little clarity around the numbers of this deal.