Access Bank has announced that the discontinuation of its proposed acquisition of Sidan Bank will not affect its efforts to expand regional trade finance and cross-border banking services in the East African Community and COMESA region.
Access Bank’s binding agreement with Centum to acquire Sidian Bank’s 83.4% shareholding has been ended. The bank aims to become Africa’s gateway to the world.
The bank reassured stakeholders of its dedication to expanding its presence in Kenya, which is the largest market and trade corridor in East Africa in a responsible way.
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In a statement by Sunday Ekwochi, Company Secretary of Access Holdings Plc, it is mentioned that the bank is committed to expanding its franchise in a safe and sound manner in Kenya and the broader East African Community, and will continue to explore various opportunities, both organic and inorganic, to increase its market share.
Ekwochi explained that the discontinuation of the acquisition plan was due to the failure to fulfill certain conditions required for the completion of the transaction.
He stated that despite the support from regulators, certain conditions precedent including those required by Sidian Bank which were essential for completing the transaction responsibly were not met and the parties were unable to reach an agreement on modifying these conditions to achieve the desired outcome.
He further added that the completion of the proposed transaction was subject to fulfilling or waiving certain conditions before the Long Stop date as defined in the transaction agreement.