Access Bank paid about $60M to acquire Grobank
Access Bank is on its way to becoming Africa’s gateway to the world as the Managing Director, Access Bank, Herbert Wigwe has disclosed that the bank paid about $60 million to purchase a controlling interest in South Africa’s 74-year-old Grobank.
According to Premium times, Wigwe told CNBC Africa that the move makes Access Bank Nigeria’s first bank to acquire such feat with the Bank ploughing in both equity and debt in Grobank as part of the grand plan to explore trade banking deals on its way to becoming “Africa’s Gateway to the World”
He said the acquisition will open up the means to widen trade finance capacity in Grobank, which is presently increasing its attention on the country’s agriculture industry.
“We have a full retail banking licence in South Africa. We will pursue a wholesale banking franchise. We will pursue trade finance,” Mr. Wigwe said.
This move is coming eight months after the bank took over Kenya’s Transnational Bank in July and Zambia-based Cavmont Bank in January.
Recall that Access Bank has received regulatory approval from both South Africa and Nigeria to acquire Grobank and the acquisition which started in September 2020 is expected to be completed in the second quarter of 2021.