A Nigerian business mogul has completed the acquisition of 97% stake in a Kenyan bank.
According to regulatory filings, Access Bank, owned by business mogul Herbert Wigwe completed the acquisition of Transnational Bank worth Ksh1.4 billion.
Instead of using stock options or assert trade, the businessman decided to buy the bank in cash.Access Bank Group Managing Director (left) Herbert WigweFile
“It will be paid for in cash so we have taken out the existing shareholders and we will basically inject a bit more equity into the institution,” Wigwe said in a conference call.
Among the top beneficiaries of the buyout include close associates of the late President Daniel Moi.
Moi's former assistant Joshua Kulei held 23.03%, former minister Simeon Nyachae held 4.11% while former Vice President George Saitoti held 2.79%.
The bank’s current chairman is Henry Kiptiony Kiplangat, who also serves as vice-chancellor of Kabarak University.
Transnational Bank has opened 28 branches across Kenya for the 35 years it has been in operation.
Access Bank, which is four years younger than its acquisition, has a total asset base of Ksh1.7 trillion making it the largest bank in Nigeria.
It has a presence in eight African countries, one in the United Kingdom, and representative offices in China, the United Arab Emirates, Lebanon, and India.
Access Bank’s entry into the Kenyan market now brings the total number of Nigerian banks in the East African country to three, as it joins both United Bank of Africa and Guaranty Trust Bank.
Former Gatanga MP Peter Kenneth also sold his bank Mayfair Bank Limited to Commercial International Bank (Egypt).Central Bank of Kenya Governor Patrick Njoroge during a press conference in Nairobi on May 28, 2020.
- Covid-19 effects3 August 2020 - 7:57 pm
- R.I.P3 August 2020 - 7:34 pm
- Insider3 August 2020 - 7:03 pm
- Chaos3 August 2020 - 5:27 pm
- Amazing3 August 2020 - 4:52 pm
- Shattering Ceilings3 August 2020 - 4:13 pm
- Condition3 August 2020 - 2:51 pm
- Alert3 August 2020 - 2:38 pm
- Tough Times3 August 2020 - 3:16 pm
- Long Wait3 August 2020 - 2:56 pm
- beware3 August 2020 - 2:23 pm
- Senate Impasse3 August 2020 - 12:40 pm