Access Bank Plc has expanded into Kenya, to take over Nairobi-headquartered Transnational Bank Plc.
A strategic masterstroke by all measure, venturing into Kenya positions the bank to leverage commercial and economic benefits available in the country reputed to be East Africa’s largest economy.
“The acquisition will further complement the bank’s franchise in Rwanda, Congo DRC and Zambia,” its statement to the Nigerian Stock Exchange (NSE) reads.
The feat is the second international milestone recorded by Access, itself Nigeria’s biggest bank by asset, in just one week, having ventured into Cameroon, Nigeria’s eastern neighbour only two days ago.
It is probable that Access’s landing on Kenya’s shores could prove a baptism of fire, given Kenya’ stringent banking regulatory framework, where a cap on lending rates, stricter oversight by the central bank and an explosion of lenders has ignited several consolidation deals since 2017.
Already, Access has footprints in seven African economies and the United Kingdom with representative offices in the United Arab Emirates (UAE), China, India and Lebanon.