Access Bank Plc, the parent company of Access Bank Kenya, has signed a definitive agreement to acquire a majority stake in the Uganda-based Finance Trust Bank (FTB) Bank. The deal includes Access Bank acquiring the shares currently held by FTB’s Institutional Shareholders who have sought to exit to a strategic long-term shareholder. Following the anticipated closing of the transaction, Access Bank would own an estimated 80% shareholding in FTB.
The acquisition and planned capital boost remain subject to regulatory approvals by the Central Bank of Nigeria (CBN) and the Bank of Uganda. The transaction is expected to close in the first half of 2024, following the fulfilment of customary conditions precedent.
This strategic acquisition presents an opportunity for Access Bank to partner with FTB and its stakeholders to create more significant opportunities for financial inclusion, product diversification, and greater customer-centricity. Access Bank’s presence in over 20 countries globally presents a robust platform that FTB’s customers can leverage to boost trade opportunities with the rest of the world.
Roosevelt Ogbonna, Managing Director of Access Bank PLC, said, “The prospective acquisition of majority equity stake in Finance Trust Bank marks an important milestone for Access Bank as we strengthen our regional presence in the East African Community trade region. This also moves us closer to realising our five-year strategic plan through continued expansion to achieve scaled benefits across key African markets.”
Annet Nakawunde Mulindwa, Managing Director of Finance Trust Bank, said, “Finance Trust Bank is thrilled to announce this transformative partnership with Access Bank PLC, as it marks a pivotal moment in our growth journey and presents an extraordinary opportunity for our valued customers and stakeholders. This strategic alliance will fortify our position in the financial landscape and enable us to offer our customers a broader array of innovative products and services.”
Samuel Minta, the Regional Managing Director of Access Bank East Africa Region, commented that Access Bank Plc remains steadfast in its commitment to driving sustainable growth and creating exceptional value for its stakeholders. The acquisition of FTB is a testament to the Bank’s unwavering dedication to expanding its footprint and supporting economic progress across East Africa.
This deal will enable the Bank to deepen its community and women impact initiatives, as we will build on FTB’s mission to deliver innovative financial solutions to customers and stakeholders, especially women, effectively.