Photograph — nairametrics

At the weekend, Kenya’s Central Bank said it has approved the acquisition of Transnational bank of Kenya by Nigerian lender Access Bank and is to take effect by February 2020.

According to Access bank, the acquisition is in line with its strategic objective of becoming Africa’s gateway to the world and ties into its strategy to establish footprints in key Kenyan markets.

In a statement, CBK says the move comes as a result of approval by the bank regulator and treasury in line with the banking act. “This follows CBK’s approval on December 24, 2019, under Section 13 (4) of the Banking Act and approval by the Cabinet Secretary, National Treasury on January 6, 2020, for the acquisition under Section 9 of the Banking Act,” the statement reads.

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