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 Access Bank Discontinues the Acquisition of Kenya’s Sidian Bank

Access bank in a bid to explore ways to expand its footprint in Kenya sought to acquire the entire 83.4% shareholding held by Centum Investment Company in Kenya’s Sidian Bank Ltd. Analysts noted that the proposed acquisition was subject to fulfillment or waiver of certain conditions which were not met by both parties despite Kenyan regulators being supportive of the transaction. The bank had planned to merge Sidian Bank with Access Bank’s subsidiary in Kenya to create a stronger banking institution, better positioned to serve the Kenyan market. Access Bank Plc, which presently trades at N9.30 with a market cap of N330.57m, notified the Nigerian Exchange Ltd and the investing public that the Sidian acquisition will no longer be completed by the bank

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