Access Bank Announces Receipt Of Regulatory Approvals In Respect Of Its Proposed Acquisition Of Grobank

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Access Bank Plc Announces Proposed Merger With Zambian African Banking Corporation
Access Bank Plc Announces Proposed Merger With Zambian African Banking Corporation

Lagos, Nigeria March 26, 2021 – Sequel to its earlier announcement on September 29, 2020, Access Bank Plc announces today 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 (Grobank).

These approvals constitute a significant milestone in the transaction which 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 GMD/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.

herbert-wigwe Brandspurng Access Bank reports 15.7% rise in Profit After Tax to ₦102.3Bn in Q3 2020
Herbert Wigwe, GMD/CEO

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.”