Access Bank, the flagship subsidiary of Access Holdings Plc, has entered into a transaction with the Ugandan-based Finance Trust Bank Limited and it’s shareholders for the acquisition of a majority equity stake in FTB.

According to a statement signed by the Company Secretary, Sunday Ekwochi, which was filed with the Nigerian Exchange Limited on Wednesday, the proposed acquisition is subject to regulatory approval.

In recent days, Access Holdings had moved to expand its business segments with the acquisition of an insurance brokerage firm, Megatech Insurance Brokers Ltd and the floating of a consumer lending subsidiary, named Oxygen X Finance Company Limited to provide digital lending solutions.

In its latest move, the Holdco said that the transaction would see Access Bank acquire a majority stake from existing shareholders and inject capital to increase FTB’s capital base; “Both which are subject to regulatory approvals by the Central Bank of Nigeria and Bank of Uganda.

“Following the conclusion of customary conditions precedent and the anticipated closing of the transaction. targeted for the first half of 2024, Access Bank would own an estimated 80 per cent shareholding in FTB.”

Source
Punch

All these erratic acquisitions doesnt announce the biggness of Access Bank, but rather its unstrategic confusion. Confused Bank

Hoping CBN sanctions the foray of local banks into foreign assets acquisitions.

The safety of depositors funds should be their number one priority.