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
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
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Financial Services

Access Holdings makes U-turn, says it will no longer complete 83.4% acquisition of Kenya’s Sidian Bank

Zainab IwayemibyZainab Iwayemi
2 weeks ago
in Financial Services, Industries
Access bank makes U-turn, says it will no longer complete 83.4% acquisition of Sidan Bank in Kenya

Herbert Wigwe, CEO of Access Bank

Share on FacebookShare on TwitterShare on Linkedin

Access Holdings PlcĀ said it will no longer continue in its push to acquire the entire 83.4% shareholding held by Centum in Kenya’s Sidian Bank Ltd.

A corporate disclosure signed by Company Secretary Sunday Ekwochi said Access Bank remains committed to growing its franchise safely and soundly in Kenya.

The bank’s position:Ā Apparently, 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.

But as the company explained, some of these conditions were not met because both parties were unable to reach an agreement on the set conditions.

Their failure to reach an agreement was despite the best effort of Kenyan regulators who provided support through engagements throughout the transaction negotiations.

  • “Consequently, we hereby notify the Nigerian Exchange Ltd and the investing public that the 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,”Ā part of the statement said.

The backstory: Access Holdings Plc had earlier entered into a share purchase agreement with the investment firm Centum Investment Plc to procure the 83.4% in a deal that would have made it possible for the Nigerian banking group to take over a controlling stake in Sidian Bank.

The bank had planned to merge Sidian Bank with Access Bank’s subsidiary in Kenya to create a stronger banking institution better positioned to serve the Kenyan market.

Related

Tags: Access Bank Plc NewsCentumSidan bank Ltd

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Standard
Patricia





NM newsletters

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

Recent News

  • Q4 2022: Unilever Nigeria Plc reports 385% rise in pre-tax profits.
  • Olam Agri To Raise Public Health Standard With 1 Trillion Servings Of Fortified Food
  • Nigerian military destroys 39 illegal refineries in 2 weeks, arrests oil thieves

Follow us on social media:

Recent News

Unilever reports N5.99 billion in FY 2022

Q4 2022: Unilever Nigeria Plc reports 385% rise in pre-tax profits.

January 26, 2023
Olam Agri To Raise Public Health Standard With 1 Trillion Servings Of Fortified Food

Olam Agri To Raise Public Health Standard With 1 Trillion Servings Of Fortified Food

January 26, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

Ā© 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

Ā© 2023 Nairametrics