Nigeria’s Access bank has today launched its operations in Kenya after acquiring a 99.9% stake in privately owned Transnational Bank of Kenya. The Nigerian lender paid KSh1.4 Billion for the acquisition. Access bank says that the launch is strategic for its expansion in the East African region.
The leading retail lender in Africa has appointed David Aluko, a Nigerian national, to head the Kenyan subsidiary and lead its expansion in the country and beyond. Access bank currently has 28 branches throughout Kenya and plans to open new branches in Kiambu, Nyeri, Machakos, Kisumu, Nyandarua, Kakamega, Bungoma and Kisii.
Access Banks CEO Hibert Wigwe said, “We are excited to have successfully entered into the Kenyan market. Kenya has been recognized as a market leader in mobile money transfers in the financial industry, and we believe that Access Bank can leverage the Kenyan model and replicate the same to achieve success across other African markets.”
Kenya Bankers Association CEO Dr Habil Olaka welcomed the lender saying, “KBA is delighted to welcome Access Bank to Kenya. I have no doubt that the bank will contribute immensely to our collective long-term vision of reinforcing the industry’s role in advancing Kenya’s sustainable economic development agenda.”
See also: Nigeria’s Access Bank to Acquire Transnational Bank of Kenya
