Access Bank renames South African bank acquired for $26.72m


Access Bank has renamed Grobank Limited, the South African lender it recently acquired.

The change in brand name occurred as the Nigerian lender acquired a majority stake to spread its reach in Southern Africa.

Grobank Limited was renamed Access Bank South Africa after South African and Nigerian regulatory authorities approved the deal, which GCR Ratings valued at $26.72 million.

In a statement announcing the change on Wednesday , Access Bank said, “With this new development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets.”

The change in brand name occurred as the Nigerian lender is set to takeover in the second quarter. Access Bank will own 49 percent majority stake in the South African subsidiary.

Grobank is one of the many lenders that Access Bank has acquired in two years. The bank is using inorganic growth to expand its customer base across Africa since the acquisition of Diamond Bank.

The Nigerian creditor had acquired African Banking Corporation through Access Bank Mozambique. The Herbert Wigwe-led company had also acquired Transnational Bank in Kenya and Cavmont Bank Limited in Zambia.

By Fakoyejo Ayodeji

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