Business and Economy

Access Bank receives regulatory approvals to acquire Grobank of South Africa

Following an earlier announcement in September last year, Nigeria’s Access Bank has announced that it has received the approvals of the South African and Nigerian regulatory authorities to its proposed acquisition of the South African-based Grobank Limited.

The transaction is expected to be completed in the second quarter of 2021 subject to completion of other conditions precedent.

Speaking on the development, Mr. Herbert Wigwe, the General Managing Director and 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.’”

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