Access Bank has  acquired 100% of Kenya’s Transnational Bank Plc and its 28 branches after the Central Bank of Kenya (CBK) gave its approval for the acquisition.

Effective February 1. 2020, 100% of the shareholding of Transnational Bank will become that of Access Bank.

In a statement, the Central Bank of Kenya said: “Access Bank Plc’s business model mainly focuses on corporate and retail banking and its strong group support is expected to drive Transnational Bank Plc’s business growth for the benefit of the Kenyan economy and the banking sector.”

The acquisition is expected to strengthen the resilience of Kenya’s banking sector which has been opened to mergers and acquisitions by various banks. The country has recorded merger between NIC Group Plc and Commercial Bank of Africa Limited, and KCB Group Limited’s acquisition of National Bank of Kenya Limited.

Access Bank joins Guaranty Trust Bank (GTBank) and United Bank of Africa (UBA) as Nigerian banks with operations in the East African country.