Access Bank announced on 18 January 2024 that it had agreed to acquire an 80% majority stake in Finance Trust Bank, a licensed commercial lender operating in Uganda, in a transaction that extends the Nigerian bank's presence across sub-Saharan Africa. The deal requires regulatory approval from the Bank of Uganda and the Central Bank of Nigeria before it can be completed, with the parties anticipating that the necessary clearances can be obtained and the transaction closed within the first half of 2024.
The acquisition gives Access Bank a controlling interest in Finance Trust Bank, through a purchase of shares from existing institutional shareholders combined with a capital injection by Access Bank to strengthen FTB's capital base. Institutional shareholders that had invested at an earlier stage of the bank's development are set to exit as part of the transaction.
Finance Trust Bank operates a network of branches in Uganda.
REGULATORY APPROVALS AND DEAL TIMELINE
On completion, Access Bank will add a Ugandan banking subsidiary to its network of African operations.