Access Bank is reportedly set to acquire Kenyan Sidian Bank by buying out the entire stake of Centum Investment in the bank for $36.7 million.
If the deal goes through, this will be the Nigerian bank’s second acquisition in the Kenyan market.
The Bank says the deal will see Access Bank take over the 83.4% shares currently belonging to Centum and its subsidiary Bakki Holdco Ltd.
Access Bank CEO Roosevelt Ogbonna says this deal will help Access to continue strengthening its presence in Kenya, a market the bank regards as key to its diversification strategy.
He says through this transaction and the subsequent merger with Access Bank Kenya, we will be well placed to promote regional trade finance and other cross-border banking services.