Monday, November 29

Tag: South African Bank

Access Bank Acquires Grobank, South African Bank
Business

Access Bank Acquires Grobank, South African Bank

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 firs...

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