According to Access Bank Plc, its efforts to advance regional trade finance and other cross-border banking services in the East African Community (EAC) and larger COMESA region will not be affected by the cancellation of its proposed acquisition of Sidan Bank as it pursues its goal of becoming Africa’s gateway to the rest of the world.
The discontinuance had stopped Access Bank Plc’s legally-binding agreement with Centum to buy the entire 83.4 percent stake in Sidian Bank Ltd. that was held by the investment business.
In order to do this, the bank reassured stakeholders of its dedication to seeking ethical business opportunities to increase its presence in Kenya, the East African major market and trade route.
“The bank remains firmly committed to expanding its franchise in a safe and secure manner in Kenya and the broader East African Community and will continue to look into a range of organic and inorganic possibilities to increase its market share there,” the statement by Sunday Ekwochi, Company Secretary of Access Holdings Plc, states.
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Speaking on the cancellation of the purchase plan, Ekwochi stated that the proposed acquisition of Sidian Bank was canceled due to a few necessary requirements not being met.
The speaker explained that completion of the planned transaction was contingent upon meeting or waiving a few requirements prior to the Long Stop date, as specified in the transaction agreement.
Regulators have all been cooperative in their interplay with the transaction, but some prerequisite conditions, such as those imposed on Sidian Bank, have not been satisfied, and the parties were unable to come to an agreement on how to change these conditions so that the desired outcome for the parties would be achieved.
