Shareholders of Transnational Bank include companies owned by powerful associates of the retired president such as Joseph Kulei, Simeon Nyachae and former Vice-President George Saitoti.
The bank’s Chairman is Henry Kiptiony Kiplagat who also serves as Vice-Chancellor of Kabarak University, an educational institution owned by Moi.
A Kenya Gazette notice published on Friday, January 17 confirmed that the National Treasury Cabinet Secretary Ukur Yattani had approved the acquisition of up to 100 per cent of the bank’s shares.
“The shareholders of Access Bank PLC vide a resolution passed on the 8th October 2018 approved the acquisition by Access Bank PLC of up to 100 per cent of the issued share capital of Transnational Bank PLC as per the share purchase agreement dated the 13th August 2019. The amalgamation shall take effect on the 1st February 2020,” the notice read.
Access Bank is the largest retail lender in Nigeria and regularly features on published lists of Africa’s biggest banks.
The acquisition of Transnational Bank is part of Access Group’s aggressive expansion into other African countries.
Kenya is well-positioned as East Africa’s financial hub with the acquisition of Transnational expected to give Access Bank a foothold in the region’s financial services market.
Transnational Bank was established in 1984 as a non-financial institution but grew over the years to become a tier 4 bank.
The bank cut a niche for itself as it focused on the agribusiness sector, advancing loans to farmers.
The acquisition of Transnational Bank by Access was also approved by the Central Bank of Nigeria.
Other Nigerian banks in the Kenyan market include the United Bank of Africa (UBA) and Guarantee Trust (GT) Bank.
