Building on its strategy of delivering a robust banking operation which connects key African markets, Access Bank Plc entered into a definitive agreement with GroCapital Holdings in October 2020 to invest into Grobank Limited over two tranches.
Access Bank Plc today announced that it has received the approval of the Prudential Authority of the South African Reserve Bank for the Bank’s transaction to obtain a controlling interest in Grobank Limited following its investment of Tier 1 capital into the Bank. This will enable Grobank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.
Bennie van Rooy, CEO of Grobank, hailed this transaction as an exciting event for the South African banking industry: “The entry of Access Bank Plc into the South African banking sector will enable us to provide sustainable support to our existing customers and target new customers with a presence across the African continent.
“We are excited about joining the Access Bank family and look forward to contributing meaningfully to the achievements and ambitions of the Group.”
Africa’s gateway to the world
Access Bank’s presence in South Africa will be a cornerstone for further momentum in delivering on Access Bank’s mission to be Africa’s Gateway to the World. The proposed transaction is expected to provide a doorway to the largest banking market in Africa and enable Access Bank to consolidate its Southern African and broader African footprint with enhanced capabilities to fulfil the needs of multi-national clients.
Once signed off, the proposed transactions will result in Access Bank having a presence in 10 African countries spanning East, West and Southern Africa.
Herbert Wigwe the CEO of Access Bank Plc, commenting on these developments, said: “We have consistently looked to focus on building the scale required to become a leading African bank; one that leverages our experienced and growing talent base and key stakeholder partnerships towards driving sustainable impact and profitability.
“Today’s announcement demonstrates further commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World in line with our vision to be the World’s Most Respected African Bank.”
Growing the African footprint
Wigwe went on to highlight the transactions significantly strengthening Access Bank’s presence in Southern Africa and its footprint for growth in the SADC region.
“With a broader presence across the continent, Access Bank will be better placed to support our customers who are increasingly looking towards intra Africa growth,” he said.
“The proposed transactions will accelerate the Bank’s momentum towards delivering world class banking services to an expanded customer base across Africa. Our goal remains to reach and impact 100 million unique customers across the continent by 2022.”