Connect with us

    Hi, what are you looking for?

    E-Financial

    Access Holdings Aborts Planned Takeover of Kenya’s Sidian Bank

    Access-Bank

    Access Holdings has aborted the bid to acquire a controlling stake in Sidian Bank Limited, headquartered in Kenya, Nigeria’s biggest lender said, pulling the plug on a deal first announced barely half a year ago.

    The corporation set out to purchase an interest of 83.4 per cent in the East African bank when, in early June, it said that it would actualise the plan through its commercial banking unit, Access Bank.

    Centum Investment Company Plc, from which the stake was to be bought, is the parent company of Sidian Bank, with the deal estimated at $37 million. It was a binding agreement.

    Read Also: Sterling One Foundation Wins Big at the ECOSEA 2022 Awards

    Consummating the bargain hung on either meeting some prerequisites or waiving them ahead of the “Long Stop date”, according to the terms.

    “Although regulator have all been supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met,” Access Holdings said in a regulatory filing.

    The corporation noted that “the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.”

    Until the deal fell through, the group had expected to combine the target with its Kenyan operation, Access Bank Kenya, in hopes of gaining more traction in that market.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...

    Oil and Gas

    The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on...

    E-Financial

    Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the...

    World

    Late-night host Jimmy Kimmel didn’t hold back in mocking President Donald Trump after Trump claimed he was the target of “triple sabotage” during his...