Nigerian banking executive Herbert Wigwe’s Access Bank Group acquires South Africa’s Grobank

Editorial Team -

Herbert Wigwe’s Access Bank Group has acquired South Africa’s Grobank Ltd. following the completion of all regulatory procedures, Legit NG reported.

Grobank was previously known as South African Bank of Athens Ltd. Going forward, the bank will be called Access Bank South Africa.

The acquisition, which is valued at around $60 million, gives the Nigerian tier-1 capital bank a controlling stake in Grobank, making it the first Nigerian lender to venture into South Africa.

Access Bank Group Managing Director Herbert Wigwe noted that the acquisition seals the bank’s commitment to delivering its strategic aspirations of becoming Africa’s gateway to the world, in line with its vision to be the world’s most respected African bank.

Grobank CEO Bennie van Rooy said in a statement that the acquisition will position the bank to deliver a robust banking operation that connects key African markets.

“Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world,” he said. He added that customers can now leverage Access Bank’s IT infrastructure, gain greater security and access more products and services through a best-in-class digital platform.

New acquisitions to expand Access Bank’s African presence to 10 countries

Aside from the deals that the bank has struck in Zambia and Mozambique, the leading lender recently signed a definitive agreement with Atlas Mara to acquire 78.15 percent of the issued share capital with Botswana’s fifth-largest bank, BancABC Ltd. The deal, which is set to close before the end of Q2 2021, will expand Access Bank’s African presence to 10 countries.

It is worth noting that Access Bank is among potential buyers that have shown interest in acquiring Atlas Mara’s 49.97-percent holding in Nigeria’s sixth-largest lender, Union Bank Nigeria Plc.