Wednesday, October 30, 2019 - A Nigerian tycoon is set to acquire Former President Daniel Moi’s Transnational Bank after getting approval from the Competition Authority of Kenya (CAK).
Access Bank which is owned by Nigerian tycoon, Herbert Wigwe, will take up 93.57% ownership of Transnational bank.
“The Board of Access Bank Plc in pursuance of the Bank’s strategic objective of becoming Africa’s Gateway to the World has obtained the Central Bank of Nigeria’s ‘No Objection’ to its proposed acquisition of controlling equity interest in Transnational Bank of Kenya Plc,” the bank said in a statement on Monday.
The Nigerian bank has 29 million customers and operates in 12 countries across three continents.
It has expanded its wings to Kenya after acquiring former President Moi’s Transnational Bank.
Transnational Bank reported a loss Ksh 98.5 million in the financial year ending December 2018.
The Kenyan DAILY POST