Finance Trust Bank Acquisition

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…