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Grobank now Access Bank South Africa after Nigeria lender’s completes acquisition process

By on May 5, 2021 0 237 Views

Nigeria’s Access Bank Plc on Wednesday said it has completed all regulatory procedures on the acquisition of South Africa’s Grobank Limited and officially renamed the bank Access Bank South Africa Limited.

In a statement, Nigeria’s biggest bank by customers said the deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa.

With this new development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets, the bank said.

It said at an official closing ceremony in Sandton on Monday, top executives of the two banks were upbeat about new opportunities for clients, noting that the Bank will continue to support all its stakeholders while opening doors to growth opportunities both in the short and long term.

CEO of Grobank Bennie van Rooy said, “This is an extremely exciting day for the South African banking industry.

“Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.

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“Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.”

Group chief executive officer of Access Bank Plc, Herbert Wigwe said: “Today’s ceremony in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World, in line with our vision to be the World’s Most Respected African Bank.

“We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent.”

The local lender early this year announced a plan to take over a majority stake in South Africa’s lender as the cost of the acquisition is valued at $26.72 million by GCR Ratings.

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