Nigeria’s Access Bank renames Transnational Bank after Sh1.4bn buyout

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Central Bank of Kenya said Friday that the Kenyan lender will now be known as Access Bank (Kenya), indicating the end of the buyout deal.

The closure of the deal now paves the way for Access Bank to inject additional capital in Transnational, which had 0.25 percent stake in December 2018, as it seeks a return to profitability.
Access Bank, owned by business mogul Herbert Wigwe, can influence board and executive changes after the deal closure.

Nigerian bank has renamed Transnational Bank after completing the purchase of lenders from close associates of former President Daniel Moi for Sh1.4 billion.

Central Bank of Kenya said Friday that the Kenyan lender will now be known as Access Bank (Kenya), indicating the end of the buyout deal.

The closure of the deal now paves the way for Access Bank to inject additional capital in Transnational, which had 0.25 percent stake in December 2018, as it seeks a return to profitability.

Access Bank, owned by business mogul Herbert Wigwe, can influence board and executive changes after the deal closure.

“Transnational Bank PLC has, by resolution of the Board and the approval of the Registrar of Companies, effected a change of name from Transnational Bank PLC to Access Bank (Kenya) Public Limited Company, with effect from the 21st August, 2020,” said CBK governor Patrick Njoroge in a notice.

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