Access Bank gives update on Transnational Bank of Kenya acquisition

Access Bank, a Nigerian tier-one lender, has reported a 44% increase in its profit after tax for the nine-month period, reaching N90.7 billion. The bank attributes this growth to the recent merger with Diamond Bank, which brought together the strengths of both institutions. The retail business from Diamond Bank and the wholesale banking business from Access Bank have contributed to the overall success of the merger. The numbers also reflect growth in retail deposits, an increase in the customer base, and continued growth in wholesale banking. The plans for expansion are not limited to Nigeria, as Access Bank aims to be Africa's gateway to the world. This strategy includes driving international collaborations, such as the acquisition of Transnational Bank of Kenya. The acquisition of Transnational Bank of Kenya is part of Access Bank's five-year corporate strategy plan, which aims to establish a presence in key markets within Africa and globally. The bank is in the final stages of the deal and expects it to be concluded in the next 30 to 60 days. This acquisition will provide Access Bank with opportunities in the East African market, allowing them to leverage their gateway strategy and unique focus in the region. One of the key initiatives that Access Bank is already implementing is the Axis Africa platform, which enables person-to-person and business-to-business transactions across 19 African countries. The platform leverages the bank's digital capabilities to facilitate seamless transactions. As for the outlook for the full year, Access Bank will be sharing critical ratios and guidance during their investor call to provide the market with a clear picture of their financial performance and plans moving forward.