Banking & Financial ServicesThe Big Story

Nigeria’s Access Bank Deal to Acquire Uganda’s Finance Trust Bank Falls Apart After Two Years Delayed regulatory approvals and rising capital requirements force Finance Trust Bank to abandon the takeover plan and shift to Tier II status.

A photo collage of Innocent Ike, Access Holdings Group MD/CEO and Finance Trust Bank Uganda MD, Mrs. Annet Nakawunde Mulindwa.

What began as one of the most closely watched cross border banking acquisition plans in East Africa has now officially fallen apart.  The proposed takeover of Uganda’s Finance Trust Bank by Nigeria’s Access Bank Plc has collapsed nearly two years after the parties signed a definitive agreement that would have handed Access Bank majority control of one of Uganda’s homegrown commercial lenders. The deal, first announced in early 2024, was expected to strengthen Finance Trust Bank’s capital base and accelerate Access Bank’s strategic expansion into Uganda’s financial sector.  But despite initial optimism, regional competition clearance, and cooperation from Ugandan regulators,…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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