Access Bank Plc has reassured stakeholders of its commitment to sustain its cross-border banking presence in Africa following the bank’s discontinuation of Sidian Bank of Kenya’s acquisition.
The bank said in a statement signed by the Company Secretary of Access Holdings Plc, Sunday Ekwochi, that the failed acquisition’s entire 83.4 per cent shareholding held by the investment company in Sidian Bank Ltd stemmed from its failure to meet some requisite conditions.
According to a statement issued by the bank’s parent company, Access Corporation, to the Nigerian Exchange Limited recently, “The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the long stop date as defined in the transaction agreement. “Although regulators have all been supportive in engagements around the transaction, certain conditions precedent including those required of Sidian Bank which was needed to prudently complete the transaction have not been met and the parties were unable to reach an agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.
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