Yesterday, it was announced by Access Corporation Plc that its subsidiary, Access Bank is set to acquire Kenya’s Sidian bank in a $37m or N15bn deal.
In a statement posted, Mr. Sunday Ekwochi, Access Bank Secretary revealed that Sidian was expected to merge with Access Bank’s subsidiary in Kenya – Access Bank Kenya – to create a stronger banking institution better positioned to serve Kenya market.
Reacting to this, Mr. Herbert Wigwe, the Group Chief Executive, Access Corporation said:
“The growth transaction being implemented in Kenya represents the relentless focus and execution of our strategic objectives within our banking subsidiary even as we grow the other businesses within Access Corporation’s core segments.
“The acquisition of Sidian is a significant step-up in scale and potential for Access Bank in Kenya which represents the largest market and trade corridor in East Africa.
“The significant increase in scale and customer base presents us with enormous opportunities to support growth in the various ecosystems we are building in our trade and payment business. The economies of scale that derive therefrom will continue to drive and enhance contributions to all stakeholders”.
If this goes through, as it is subject ot regulatory approvals in Kenya and Nigeria, this would be Access Bank’s second aquisition in Kenya.
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