Access Holdings Plc, the Nigerian-based financial services group led by Nigerian banker Herbert Wigwe, has announced that its subsidiary Access Bank Plc will no longer be completing the acquisition of Sidian Bank, Kenya.
The canceled transaction would have marked Access Bank’s second acquisition in Kenya in two years following its purchase of Transnational Bank, which was owned by close associates of the late former President Daniel Moi.
Despite regulators being supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met, and the parties were unable to reach an agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.
Access Holdings is Nigeria’s largest financial services group in terms of assets and one of the most capitalized financial institutions listed on the Nigerian Exchange.
The group operates in 11 African countries, including South Africa, Ghana, Kenya, Nigeria, Rwanda, and Mozambique. It also has plans to expand its presence in Europe by establishing a new unit in France and consolidating existing operations in London.
Wigwe, a leading Nigerian banker, owns a 4.51-percent stake in the leading financial services group and has played a key role in its growth and expansion.
Under his leadership, the pan-African financial services conglomerate has seen its total assets surge above $30 billion, while its retained earnings have increased above $1 billion.
Access Holdings is looking to take control of the majority shareholding of Finibanco Angola S.A. following the purchase of a 51-percent stake in the Luanda-based bank, as the Nigerian banker continues to chart the future of the leading banking group.
With more than 20 branches and $300 million in total assets, Finibanco Angola S.A. is a fully capitalized commercial bank with full-service offerings. It functions as an all-encompassing bank of assistance for small and medium-sized businesses, private citizens, and Angolan exports.
