Access Bank on Wednesday announced it has finalised the acquisition of controlling shares in Grobank Limited, South Africa, prompting the renaming of the bank to Access Bank South Africa Limited.
The renaming of the bank followed the completion of all regulatory procedures.
At an official closing ceremony in Sandton on Monday, top executives of the two banks were upbeat about new opportunities for clients, noting that the bank would continue to support all its stakeholders, while opening doors to growth opportunities both in the short and long term.
CEO of Grobank Bennie van Rooy said: “This is an extremely exciting day for the South African banking industry. Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.
“Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.”
Group managing director/CEO of Access Bank Plc Herbert Wigwe said: “Today’s ceremony in South Africa seals our 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.
“We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent.”
Mr van Rooy had revealed that Access Bank paid about $60 million to purchase a controlling interest in the 74-year-old bank.
The South African acquisition is Access Bank’s third in eight months, having taken over Kenya’s Transnational Bank in July 2020 and Zambia-based Cavmont Bank in January.
The bank hopes to leverage the African Continental Free Trade Area agreement to enter Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia.