access bank

Access Bank Holdings has announced that it has terminated the agreement with Centum Investment Company Plc (‘Centum’) to acquire its 83.4% stake in Kenya’s Sidian Bank Limited.

Last year, Sunday Ekwochi, Company Secretary in a statement, announced its plan to buy the majority stake in Kenya’s Sidian Bank for $37 million. The completion of the proposed transaction was subject to fulfillment or waiver of certain conditions before the Long Stop date defined in the transaction agreement.

“Although regulators have all been 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.” The company stated.

The deal was supposed to have been concluded in December 2022.

Sidian Bank was founded in 1984 as K-Rep Bank. In 2015, Centum Investment Company completed its acquisition of a majority stake in the bank and changed its name to Sidian bank in 2016 to reflect its majority shareholding.

Had the deal gone through, the plan was to merge the acquired entity with Access Bank’s subsidiary in Kenya, Access Bank Kenya to create a more robust banking institution.

Access Bank completed the acquisition of Transnational Bank Plc, of Kenya, TNB in 2020.

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Shirleen
Shirleen is a tech writer with over 3 years of experience in the industry. She has a passion for writing about complex technical topics in a way that is easy to understand. She is also an expert in SEO. She is a highly skilled and experienced tech writer who is passionate about her work. She is also a great team player and is always willing to go the extra mile to get the job done.

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