Access Bank Plc, a leading financial institution has announced that it has discontinued its acquisition of Sidian Bank Limited.
It would be recalled that Access Holdings Plc, trading as Access Corporation (‘the Corporation’) on June 8, 2022, announced that its flagship subsidiary, Access Bank Plc (‘the Bank’) has entered into a binding agreement with Kenyan-based Centum Investment Plc (‘Centum’) for the acquisition of the entire 83.4% shareholding held by Centum in Sidian Bank Ltd. (‘Sidian’).
However, according to Access Bank; “The completion of the proposed transaction is subject to fulfillment 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 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.
Consequently, we hereby notify the Nigerian Exchange Limited (NGX) and the investing public that the Sidian Bank acquisition will no longer be completed by the Bank.
The Bank however remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.
