{"id":847,"date":"2021-03-26T19:09:53","date_gmt":"2021-03-26T19:09:53","guid":{"rendered":"https:\/\/mydailybells.com.ng\/businessbells\/?p=847"},"modified":"2021-03-26T19:09:53","modified_gmt":"2021-03-26T19:09:53","slug":"access-bank-gets-go-ahead-to-acquire-south-african-bank","status":"publish","type":"post","link":"https:\/\/mydailybells.com.ng\/businessbells\/access-bank-gets-go-ahead-to-acquire-south-african-bank\/","title":{"rendered":"Access Bank Gets Go-Ahead to Acquire South African Bank"},"content":{"rendered":"<p>&nbsp;<\/p>\n<h6><strong>Access Bank says it has acquired regulatory approval for its proposed acquisition of Grobank Limited, a South African bank.<\/strong><\/h6>\n<p>&nbsp;<\/p>\n<p>This was announced in a statement signed by Sunday Ekwochi, the company secretary, on Friday.<\/p>\n<p>&nbsp;<\/p>\n<p>Grobank, formerly known as South African Bank of Athens, is a financial firm committed to supporting the food and agriculture value chain in South Africa and the African continent at large.<\/p>\n<p>&nbsp;<\/p>\n<p>In September, Access Bank said it received the \u201capproval in principle\u201d of the Central Bank of Nigeria (CBN) to restructure into a holding company.<\/p>\n<p>&nbsp;<\/p>\n<p>The bank also announced a definitive agreement with GroCapital Holdings to invest in Grobank Limited over two tranches.<\/p>\n<p>&nbsp;<\/p>\n<p>Ekwochi said Access Bank has received the approvals of both South African and Nigerian regulatory authorities for its proposed acquisition of Grobank.<\/p>\n<p>&nbsp;<\/p>\n<p>He said the development is a significant milestone in the transaction, which is expected to be completed in the second quarter of 2021.<\/p>\n<p>&nbsp;<\/p>\n<p>The company\u2019s secretary quoted Herbert Wigwe, chief executive officer of Access Bank, as saying the approval is in line with the company\u2019s vision of becoming the most respected bank out of Africa.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cToday\u2019s announcement represents significant progress in delivering on our strategic intent of becoming Africa\u2019s Gateway to the World in pursuit of our vision to be the World\u2019s Most Respected African Bank,\u201d he said.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cOur presence in South Africa will no doubt accelerate the attainment of our goal of delivering our More than Banking promise to 100 million unique customers across the continent. It will also build on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Access Bank says it has acquired regulatory approval for its proposed acquisition of Grobank Limited, a South African bank. &nbsp; This was announced in a statement signed by Sunday Ekwochi, the company secretary, on Friday. &nbsp; Grobank, formerly known as South African Bank of Athens, is a financial firm committed to supporting the food [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[8],"tags":[506,514,516,515],"class_list":["post-847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-access-bank","tag-acquire","tag-grobank-limited","tag-south-african-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Access Bank Gets Go-Ahead to Acquire South African Bank &#8212; Business Bells<\/title>\n<meta name=\"description\" content=\"Access Bank 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