Article provided by Grobank
In an exciting move expected to deliver a robust banking operation that connects key African markets, Access Bank Plc has entered into a definitive agreement with the holding company of Grobank Limited, GroCapital Holdings Limited, to invest up to ZAR400 million into the Bank over the next two years.
The investment will be made in two tranches with an initial cash consideration for a 49% shareholding, and a second transaction, increasing to a majority equity stake, with both tranches subject to various regulatory approvals.
Grobank welcomes the agreement with Access Bank, which will ensure that Grobank remains sustainable and will continue to support all its stakeholders, while opening doors to growth opportunities both in the short and long term.
Access Bank is a leading full-service commercial bank operating through a network of more than 600 branches and service outlets, spanning 3 continents, 12 countries and 31 million customers. The Bank employs 28,000 people in its operations across Africa and the United Kingdom (with a branch in Dubai) and representative offices in China, Lebanon and India.
The proposed transaction is expected to provide Access Bank with access to the largest banking market in Africa and enable a broader African footprint with enhanced capabilities to fulfil the needs of multi-national clients.
Grobank CEO Bennie Van Rooy says: “Grobank is excited at the prospects on offer for our clients and funding providers, as well as the planned growth of our footprint coupled with the renowned Grobank personalised customer service into new market sectors across the continent.”
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