Access Bank halts acquisition process of Kenyan based Sidian Bank

Access Holdings Plc has notified the investing public that its proposed acquisition of Kenyan based Sidian Bank Limited will no longer be completed.

Recall that the Financial Institution in June 8, 2022 announced that its flagship subsidiary, Access Bank Plc entered into a binding agreement with Kenyan based Centum Investment Plc for the acquisition of the entire 83.4% held by Centum in Sidian Bank Limited.

The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement. However, certain conditions precedent needed to prudently complete transaction have not been met and the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.

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