This was announced in a statement signed by Sunday Ekwochi,
the company secretary, on Friday.
Grobank, formerly known as South African Bank of Athens, is
a financial firm committed to supporting the food and agriculture value chain
in South Africa and the African continent at large.
In September, Access Bank said it received the “approval in
principle” of the Central Bank of Nigeria (CBN) to restructure into a holding
company.
The bank also announced a definitive agreement with
GroCapital Holdings to invest in Grobank Limited over two tranches.
Ekwochi said Access Bank has received the approvals of both
South African and Nigerian regulatory authorities for its proposed acquisition
of Grobank.
He said the development is a significant milestone in the
transaction, which is expected to be completed in the second quarter of 2021.
The company’s secretary quoted Herbert Wigwe, chief
executive officer of Access Bank, as saying the approval is in line with the
company’s vision of becoming the most respected bank out of Africa.
“Today’s announcement represents significant progress in
delivering on our strategic intent of becoming Africa’s Gateway to the World in
pursuit of our vision to be the World’s Most Respected African Bank,” he said.
“Our presence in South Africa will no doubt accelerate the
attainment of our goal of delivering our More than Banking promise to 100
million unique customers across the continent. It will also build on our
existing foundation and deliver enhanced value to our shareholders, employees
and other stakeholders.”
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