Access Bank Fully Acquires Kenya’s Transnational Bank

Access Bank, Nigeria’s top lender by assets has finally acquired Kenya’s Transnational Bank, the Kenyan central bank said on Friday.

The deal is the latest in the East African nation’s banking sector, where a cap on lending rates, tougher supervision by the central bank and an over-proliferation of lenders has sparked a consolidation round in the industry since 2017.

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Access, which has assets of $16 billion, focuses on corporate retail banking and it is expected to boost the growth of Transnational’s business, the Kenyan central bank said in a statement.

“The acquisition is expected to strengthen the resilience of Kenya’s banking sector,” it said.

It did not disclose the terms of the transaction. Transnational has 28 outlets around the country.

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