Access Holdings Aborts Planned Takeover Of Kenyan Bank

Access Bank Server Down As Customers Express Frustrations Over Inability To Access Fund
Access Bank
Nigeria’s biggest lender, Access Holding has aborted plans to acquire a major stake in Sidan Bank Limited, which has headquarters in Kenya.

The corporation initially had plans to purchase the interest of 83.4% in the East African bank in early June through its commercial banking unit Access Bank, which disclosed that it was closing the deal which it announced 6 months ago.

Stakes at Sidan bank were to be bought by Access Holdings at Centum Investment Company Plc a parent company of the Kenyan financial institution in a binding agreement worth $37 million. However, the move required to seal the deal was hung on meeting some prerequisites or proceeding ahead of the “Long Stop Date”, according to the terms stated.

Access Holding disclosed in a regulatory filing that “Although regulator have all been supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met,”. It also added that  “the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.”