Nigeria’s biggest lender Access Bank Plc Monday launched its operations in Kenya with the rebrand of Transnational Bank following its 100 percent acquisition.
David Aluko, a Nigerian citizen was named Country Managing Director, Access Bank Kenya.
Access bank currently has 28 branches throughout Kenya and plans to open new branches in Kiambu, Nyeri, Machakos, Kisumu, Nyandarua, Kakamega, Bungoma and Kisii.
“Access Bank’s entry into the Kenyan market holds great significance for the growth and improvement of the banking sector and for the Kenyan economy. It is a welcome development that all stakeholders are happy with, “Access Bank Kenya Country Managing Director, David Aluko said.
The acquisition involved a KSh1.4 Billion payout which was described as a ‘a gateway in East Africa’.
Access Bank Nigeria is among other Nigerian Banks such as Guaranty Trust Bank and the United Bank of Africa already in the Kenyan market.
Access Banks CEO Hibert Wigwe said, “We are excited to have successfully entered into the Kenyan market. Kenya has been recognized as a market leader in mobile money transfers in the financial industry, and we believe that Access Bank can leverage the Kenyan model and replicate the same to achieve success across other African markets.”
Kenya Bankers Association CEO Dr Habil Olaka welcomed the lender saying, “KBA is delighted to welcome Access Bank to Kenya. I have no doubt that the bank will contribute immensely to our collective long-term vision of reinforcing the industry’s role in advancing Kenya’s sustainable economic development agenda.”