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Access Bank Acquires Grobank, South African Bank - Business - Nairaland

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Access Bank Acquires Grobank, South African Bank by Capnd143(m): 2:06pm On Mar 31
The South African acquisition is its third in eight months, having taken over Kenya’s Transnational Bank in July and Zambia-based Cavmont Bank in January.


Access Bank paid about $60 million to purchase a controlling interest in South Africa’s 74-year-old Grobank, its CEO said Tuesday, signalling the culmination of the tier 1 lender’s aspiration to foray into Africa’s most industrialised nation and tap its market.

The move makes it Nigeria’s first bank to do so, with Access Bank ploughing in both equity and debt in Grobank as part of the grand plan to explore trade banking deals on its way to becoming “Africa’s Gateway to the World”, Managing Director Herbert Wigwe told CNBC Africa.

It will open up the means to widen trade finance capacity in Grobank, which is presently increasing its attention on the country’s agriculture industry.

No mention was made of the precise stake size but the lender said in a note in September “the first is an initial cash consideration for a 49 per cent shareholding, increasing to a majority stake in the second tranche”.

Banks in Nigeria are stepping up efforts to create new ways of bolstering earnings beyond its shores as a buffer to an economic downturn that has triggered a fall in government bond yields and accelerated the incidence of restructured loan, helped by the pandemic.

“We have a full retail banking licence in South Africa. We will pursue a wholesale banking franchise. We will pursue trade finance,” Mr Wigwe said.

The South African acquisition is its third in eight months, having taken over Kenya’s Transnational Bank in July and Zambia-based Cavmont Bank in January.

It hopes to leverage the African Continental Free Trade Area agreement to enter Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia.

Source: www.premiumtimesng.com/news/top-news/452251-access-bank-acquires-third-bank-in-eight-months-takes-over-south-africas-grobank.html

16 Likes

Re: Access Bank Acquires Grobank, South African Bank by Pierohandsome: 2:09pm On Mar 31
Deducting customers fund illegally,and use the proceed to acquire more banks.

Una Weldon oo access Fraud

165 Likes 4 Shares

Re: Access Bank Acquires Grobank, South African Bank by naijaboy756: 2:22pm On Mar 31
This bank strong o...

How they don't feel this APC hardship effect is a mystery

29 Likes 2 Shares

Re: Access Bank Acquires Grobank, South African Bank by Hongkog(m): 2:22pm On Mar 31
Omo it's like Access Bank is the Biggest bank oo

19 Likes

Re: Access Bank Acquires Grobank, South African Bank by lordcabasa(m): 2:22pm On Mar 31
S
Re: Access Bank Acquires Grobank, South African Bank by CaptainAyub: 2:23pm On Mar 31
Na for that xenophobic shithole na im una go sink money?

4 Likes

Re: Access Bank Acquires Grobank, South African Bank by LagBlogger(m): 2:23pm On Mar 31
Ride on!
Re: Access Bank Acquires Grobank, South African Bank by BigIyanga: 2:23pm On Mar 31
Most useless bank

12 Likes 1 Share

Re: Access Bank Acquires Grobank, South African Bank by Viknat(m): 2:23pm On Mar 31
Pierohandsome:
Deducting customers fund illegally,and use the proceed to acquire more banks.

Una Weldon oo access Fraud
thank u very much. These guys deduct money 50# twice ... Last Friday and yesterday, even when I no pay or withdraw. Dem say na account maintainance

34 Likes

Re: Access Bank Acquires Grobank, South African Bank by sammyj: 2:23pm On Mar 31
wink One of the best news to come out of Nigeria entitle since 2015. After all the South African comes to Nigeria to dominate our economy and the only thing for us to do is take from them as well. wink

36 Likes 4 Shares

Re: Access Bank Acquires Grobank, South African Bank by zoedew: 2:23pm On Mar 31
Inroad
Re: Access Bank Acquires Grobank, South African Bank by jojofola: 2:23pm On Mar 31
Be acquiring everything with your terrible bank network.
Like Glo, Like Access Bank.

3 Likes

Re: Access Bank Acquires Grobank, South African Bank by Hndrrxxx(m): 2:23pm On Mar 31
All these fake as$ banks defrauding and freezing people's account any how undecided undecided undecided undecided

4 Likes 2 Shares

Re: Access Bank Acquires Grobank, South African Bank by SmartPolician: 2:24pm On Mar 31
Access Bank is on fire.
I just hope they have the wherewithal to manage this success.
Poorly managed success can lead to a downfall or total collapse.
Congratulations to the Access Bank team.

9 Likes 1 Share

Re: Access Bank Acquires Grobank, South African Bank by Bustincole(m): 2:24pm On Mar 31
Honestly bank is cashing out big time (Yahoo in disguise)

Re: Access Bank Acquires Grobank, South African Bank by zanshi: 2:25pm On Mar 31
No bank is too big to fail
Access bank e sho ara yin o

2 Likes

Re: Access Bank Acquires Grobank, South African Bank by aristocrazzy: 2:26pm On Mar 31
But they already bought diamond bank shocked
Re: Access Bank Acquires Grobank, South African Bank by Timblogga: 2:26pm On Mar 31
Thank God. Atleast I can open a ZAR account for my business hopefully. Always looked towards having one I can control from Naija.

1 Like

Re: Access Bank Acquires Grobank, South African Bank by BelovedofLord(m): 2:26pm On Mar 31
Wonderful!
Re: Access Bank Acquires Grobank, South African Bank by iampeterben(m): 2:27pm On Mar 31
Respect to this bank called Access. I dey fear dem.

8 Likes

Re: Access Bank Acquires Grobank, South African Bank by wman(m): 2:27pm On Mar 31
Wow.

South Africa?

Giant strides. This is after acquiring banks in Zambia and Kenya.

I hope they can scale up and merge operations without hitches.

Check my profile for PC Games.
Re: Access Bank Acquires Grobank, South African Bank by felixedet(m): 2:27pm On Mar 31
naijaboy756:
This bank strong o...

How they don't feel this APC hardship effect is a mystery


Deductions....,....the customers beares the brunt.

6 Likes

Re: Access Bank Acquires Grobank, South African Bank by Matheusmartin: 2:28pm On Mar 31
...
No wonder they've been over charging their customers..

9 Likes 2 Shares

Re: Access Bank Acquires Grobank, South African Bank by SmartPolician: 2:29pm On Mar 31
sammyj:
wink One of the best news to come out of Nigeria entitle since 2015. After all the South African comes to Nigeria to dominate our economy and the only thing for us to do is take from them as well. wink

Investment banking offers win-win deals.

Like a symbiotic relationship, they help businesses grow and their customers help them grow too.

Neither of the parties is cheating themselves.

2 Likes

Re: Access Bank Acquires Grobank, South African Bank by bigtt76(f): 2:29pm On Mar 31
Becos den pay $60M? ...I don't think so though


Hongkog:
Omo it's like Access Bank is the Biggest bank oo

1 Like

Re: Access Bank Acquires Grobank, South African Bank by Boye33: 2:29pm On Mar 31
Hongkog:
Omo it's like Access Bank is the Biggest bank oo
.
BigIyanga:
Most useless bank

Contrary to the general perspective and obvious corporate war against them, Access bank happens to be the best bank out of all banks I have transacted with.

7 Likes 1 Share

Re: Access Bank Acquires Grobank, South African Bank by Factshunter: 2:32pm On Mar 31
Pierohandsome:
Deducting customers fund illegally,and use the proceed to acquire more banks.

Una Weldon oo access Fraud

God bless you. I am a victim o shocked
Re: Access Bank Acquires Grobank, South African Bank by Emola12: 2:32pm On Mar 31
if no be work wey i dey do sef watin concern me with bank? i will radar dey keep my money under my bed
Re: Access Bank Acquires Grobank, South African Bank by BigBashiru: 2:32pm On Mar 31
jojofola:
Be acquiring everything with your terrible bank network.
Like Glo, Like Access Bank.

The acquisitions are motivated by greed and ego (prestige) not because they want to add any value....

8 Likes

Re: Access Bank Acquires Grobank, South African Bank by computer0810(m): 2:33pm On Mar 31
Pierohandsome:
Deducting customers fund illegally,and use the proceed to acquire more banks.

Una Weldon oo access Fraud
How negative minded ppl like dis are always first to comment baffles me.......from my analysis those who comment first have nothing in there brain except to just be seen as first to comment

5 Likes 2 Shares

Re: Access Bank Acquires Grobank, South African Bank by BigBashiru: 2:33pm On Mar 31
Boye33:
.

Contrary to the general perspective and obvious corporate war against them, Access bank happens to be the best bank out of all banks I have transacted with.

There's no war against them.... truth about them is just being told.. .. they believe your moni is their right!!! That they can deduct from you anyhow....

7 Likes

Re: Access Bank Acquires Grobank, South African Bank by prince2pac(m): 2:33pm On Mar 31
wow

1 Like

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