Access Bank Nigeria abandons plans to acquire Sidian Bank in Kenya
Access Holdings had earlier announced that its flagship subsidiary, Access Bank Nigeria, had entered into a binding agreement with Kenyan-based Centum Investment, for the acquisition of the entire 83.4% shareholding held by Centum in Sidian Bank.
The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement. Although regulators have all been supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met and the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.
Consequently, Access Bank announced to the Nigerian Exchange Ltd and the investing public that Sidian acquisition will no longer be completed by the Bank. The Bank however remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.
It should be remembered that Access is already present in the Kenyan banking market through its local subsidiary Access Bank Kenya. For the bank, Kenya represents "a key African market" in which it wishes not only to strengthen its presence, but also to continue its diversification.