Access bank acquires large portion of Kenyan bank
Access Bank, the largest bank in Africa has announced that it will acquire portions of Kenyan bank with approximately N15 billion (USD37 million). The bank has come into a binding agreement with Kenyan based Centum Investment Pic for the acquisition of the entire 83.4 % equity stake held by Centum in Sidian Bank Ltd.
The agreement was signed by Ekwochi, the company secretary and was published on the NGX. The purchase consideration is approximately up to N15 billion representing a price to book multiple of 1.1 times based on the audited March 31, 2022 shareholders’ equity of Sidan.
Now, Sidan will be merged with the Access bank’s subsidiary in Kenya, the Access Bank Kenya, to create a stronger banking institution in the Kenya Market.
“This growth transaction being implemented in Kenya represents the relentless focus and execution of our strategic objectives within our banking subsidiary even as we grow the other businesses within Access Corporation’s core segments”, Herbert Wigwe, group chief executive, Access Corporation.