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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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Finance Trust Bank posted a record 178% profit growth in 2024, driven by strategic partnerships, a customer-focused business model, and major investments in women’s empowerment. The Bank now eyes an…
In yet another solid step towards its 5-year growth and expansion strategy to become the “World’s Most Respected African Bank”, Access Bank Plc has announced that it has signed a binding agreement to acquire 100 per cent of KCB Group Plc’s shareholding in the National Bank of Kenya Limited. This is the second acquisition by Access Bank Plc in Kenya, after the 2019 purchase of Transnational Bank Limited. In a joint statement, Access and KCB Group said that the “successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of all…
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Emma Mugisha, the current Executive Director and Head of Business Banking at Stanbic Bank Uganda has been picked by Nigeria’s pan-African Access Bank Plc, for a continental regional role, that we understand, includes overseeing Access Bank Plc’s integration of its recent acquisition on the continent. According to our sources, who decline to be named, “Emma Mugisha, has been recruited as part of the CEO pipeline at Access Group. She will undergo a 6 months robust induction process at the Group in Lagos after which she will be posted to one of the bank’s regions.” Access Bank Plc, recently announced that…
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Herbert Wigwe, the Group CEO of Access Holdings Plc, whose subsidiary bank, Access Bank Plc has just acquired Uganda’s Finance Trust Bank has died in a U.S. helicopter accident. He died along with his wife and son as well as Abimbola Ogunbanjo, the former Nigerian Exchange Group’s Chairman. Two crew members of the Eurocopter EC-130 helicopter also are reported dead in the crash in the Mojave Desert on Friday evening. Two crew members and four passengers departed from Palm Springs, California, at 8:45 p.m., and were en route to Boulder City, Nevada, which is about 26 miles southeast of Las Vegas. …
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Access Bank Plc (Access), one of Africa’s largest banking groups, is acquiring 80% of Uganda’s Finance Trust Bank, it has been confirmed. CEO East Africa Magazine first broke news of the transaction but the concerned officials were at the time tight-lipped about the transaction. But in a press release this morning, the two financial institutions announced the signing of a definitive agreement for Access Bank’s equity investment into FTB. The two banks also said that once the deal had been approved by the regulators, Access Bank would “concurrently acquire the shares currently held by FTB’s institutional shareholders who have sought…
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Access Bank Plc (Access), one of Africa’s largest banking groups, is set to acquire Uganda’s Finance Trust Bank, highly-placed industry sources have told CEO East Africa Magazine. Access Bank Plc, which has been on an acquisition spree on the African continent, according to our sources is “dotting the I’s and crossing the t’s as well as securing regulatory approval by both the Central Banks of Nigeria and Uganda” and the deal will be “announced soon”. Finance Trust Bank was one of the banks that needed a significant capital boost, following the Central Bank of Uganda’s six-fold increment of capital buffers…
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Standard Chartered (the Bank) and Access Bank Plc (Access) have today, July 14th entered into agreements for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking (CPBB) business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria. The agreements were signed by Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered and Roosevelt Ogbonna, Group Managing Director, Access Bank Plc at Standard Chartered’s headquarters in London in the presence of senior representatives from both banks….
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On the 16th of November 2022, the Financial Institutions (Revision of Minimum Capital Requirements) Instrument 2022 was signed into law by Uganda’s Minister of Finance, Planning and Economic Development (MFPED), Hon. Matia Kasaija. The instrument increased the minimum capital requirements for banks by 6 times or 500% from UGX25 billion (USD 6.7 million) to UGX150 billion (approx USD 40.2 million). The increment would however be tiered, starting with a minimum capital buffer of UGX120 billion (USD32.2 million) by the 31st of December 2022 and then UGX150 billion by the 30th of June 2024. Commercial banks are also required to have…
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