Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Corporate deals

Access Bank set to acquire Centum Investment’s 83.4% stake in Kenya’s Sidian Bank for $37 million

Sidian Bank will be merged with Access Bank’s subsidiary in Kenya, Access Bank Kenya.

Chris UgwubyChris Ugwu
10 months ago
in Corporate deals, Financial Services
Access Bank’s oversubscribed $500 million bond may help strengthen exchange rate

Mr. Herbert Wigwe, the Group Chief Executive, Access Corporation

Share on FacebookShare on TwitterShare on Linkedin

Access Bank Holdings Plc has announced that its wholly-owned subsidiary, Access Bank Plc has entered into a binding agreement with Centum Investment Company Plc (‘Centum’) for the acquisition of the entire 83.4% equity stake held by Centum in Sidian Bank Limited.

The statement signed by Sunday Ekwochi, Company Secretary noted the purchase consideration is approximately up to N15 billion ($37 million), representing a price to book multiple of 1.1x based on the audited 31 March 2022 shareholders equity of Sidian.

Sidian will be merged with Access Bank’s subsidiary in Kenya, Access Bank Kenya to create a stronger banking institution better positioned to serve Kenya market.

What the lender is saying

  • Commenting on the transaction, Mr. Herbert Wigwe, the Group Chief Executive, Access Corporation said: “The 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.
  • “The acquisition of Sidian is a significant step-up in scale and potential for Access Bank in Kenya which represents the largest market and trade corridor in East Africa.
  • “The significant increase in scale and customer base presents us with enormous opportunities to support growth in the various ecosystems we are building in our trade and payment business. The economies of scale that derive therefrom will continue to drive and enhance contributions to all stakeholders”.
  • Mr. Roosevelt Ogbonna, Chief Executive Officer of Access Bank also said: “This transaction builds on our earlier acquisition of the former transactional Bank Plc (now Access Bank Kenya) and underscores our resolve to strengthen our presence in Kenya, a key African market that fits into our strategic focus for geographic earnings growth and diversification.
  • The acquisition and intended subsequent merger will create a strong and competitive balance sheet for Access Bank in Kenya, positioning us to be well placed to promote regional trade finance and other cross border banking services in the East African Community (EAC) and broader COMESA region.
  • The proposed combination with Access Bank Kenya would undoubtedly propel Access Bank into a strong contender in the Kenya market with enhanced capacity to play a more impactful role in the growth of its economy while delivering increased profitability for our shareholders”  

What you should know

  • The transaction is subject to regulatory approvals in Kenya and Nigeria. If it goes through, it will be the second acquisition in Kenya for Access Bank, which acquired Transnational Bank, now called Access Bank Kenya, in 2020.
  • In August 2020, Access Bank (Zambia) Limited entered into a definitive agreement with Cavmont Capital Holdings Zambia Plc (CCHZ) regarding the acquisition of Cavmont Bank Limited, a subsidiary of CCHZ and the subsequent merger of Cavmont Bank’s operations into Access Bank Zambia.

Related

Tags: Access BankCentum InvestmentFeaturedSidian Bank

Leave a Reply Cancel reply

Press one
hfm
Mega Millions
fidelity banner
SME
HFM
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Bank failures: NDIC says customer deposit safe
  • Visa Brings the FIFA Women’s World Cup™ Trophy to Nigeria
  • Denmark makes work permit, residency easier for foreign workers, startup founders, students

Follow us on social media:

Recent News

Bank failures: NDIC says customer deposit safe

Bank failures: NDIC says customer deposit safe

March 31, 2023
VISA

Visa Brings the FIFA Women’s World Cup™ Trophy to Nigeria

March 31, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections

© 2023 Nairametrics

error: Alert: Content selection is disabled!!