FRI. 13 JANUARY, 2023-theGBJournal| Access Holding Plc, Nigerian multinational commercial bank, Thursday notified the Nigerian Exchange Limited (NGX), investing public as well as its shareholders that its flagship subsidiary, Access Bank Plc has pulled out from the deal to buy Kenyan-Based Sidian Bank Ltd.
The move to acquire the bank was first revealed on June 8, 2022, in a deal that would have Access Bank Plc buy 83.4% of its shares following binding agreement with Kenyan-based Centum Investment Plc.
The completion of the proposed transaction was subject to fulfillment 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 transactions, certain conditions precedent needed to prudently complete the transaction have not been met, and the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties,” Access Holding said.
Access Holding said it remains committed to growing its franchise in a safe and sound manner in the Kenyan market and the broader East African community despite the setback.
It also assured that it will continue ”to explore a variety of organic and inorganic opportunities to grow its market share therein.”
Access Bank Plc operates over 700 branches and service outlets, spanning 3 continents, 17 markets and 52 million customers.
It began its African market push in 2021 when it first identified 8 markets for potential expansion into.
It employs over 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom, a branch in Dubai, UAE and representative offices in China, Lebanon and India.
Access Bank’s parent company, Access Corporation, has been listed on the Nigerian Stock Exchange since 1998 and has over 900,000 shareholders.
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