The central Bank of Kenya has approved the acquisition of 100% of Transnational by Access Bank effective February 2020.
In a statement, CBK says the move comes as a result of approval by the bank regulator and treasury in line with the banking act.
“This follows CBK’s approval on December 24, 2019, under Section 13 (4) of the Banking Act and approval by the Cabinet Secretary, National Treasury on January 6, 2020, for the acquisition under Section 9 of the Banking Act,” the statement reads.
It adds that the move is aimed at strengthening the resilience of Kenya’s banking sector.