Access Holdings terminates acquisition of Kenya’s Sadian Bank 

By Business AM 

Access Holdings, has announced it will no longer proceed with the acquisition of a controlling stake of Sidian Bank Limited from Kenyan-based Centum Investment Plc.

The Nigerian corporation had disclosed in June 8,2022 that it had entered into a binding agreement estimated at $37 millionm with Centum Investment to acquire the entire 83.4 per cent Centum held in Sidian Bank.

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

Access Holdings in a regulatory filing addressed to the Nigerian Exchange Ltd and the investing public,dated January 12, 2023, explained that although regulators have all been supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met.

The parent company of Access Bank Plc, 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.

“Consequently, we hereby notify the that Sidian acquisition will no longer be completed by the Bank,” the statement read in part.

Access Holdings has however reiterated its commitment to growing its franchise in a safe and sound manner in Kenya and the broader East African Community, adding that it will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.