Access Bank Plc has said that the discontinuation of its proposed acquisition of Sidan Bank will not affect its drive to promote regional trade finance and other cross-border banking services in the East African Community (EAC) and broader COMESA region as it works towards its vision to be Africa’s gateway to the world.
The discontinuation had ended Access Bank Plc’s binding agreement with Centum to acquire the entire 83.4 percent shareholding held by the investment company in Sidian Bank Ltd.
To this end, the bank reassured stakeholders of its commitment to pursue responsible opportunities to expand its footprint in Kenya – which represents the largest market and trade corridor in East Africa.
A statement by signed by Sunday Ekwochi, Company Secretary of Access Holdings Plc, reads: “The bank 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,” the statement,
Speaking on the discontinuation of the acquisition plan, Ekwochi cited the failure to fulfil some requisite conditions as the reason for calling off the proposed acquisition of Sidian Bank.
He said: “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. Although regulators have all been supportive in engagements around the transaction, certain conditions precedent including those required of Sidian Bank which were needed to prudently complete the transaction have not been met and the parties were unable to reach an agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.”