Nigeria’s biggest bank has bought a controlling stake in local Grobank. Bruce Whitfield discusses the move with Dianna Games.
Access Bank – Nigeria’s biggest bank – bought a controlling stake in local Grobank at the end of March.
With an investment of around R896-million ($60 million), Access became the first such lender to venture into South Africa.
It will reportedly invest up to R400 million into Grobank (formerly known as Bank of Athens) over the next two years.
Access Bank has pounced on a South African bank; a Nigerian bank has bought a South African bank! We’re used to things working the other way around here…
Bruce Whitfield, The Money Show host
We are used to things happening the other way around, but I think this is very good for the relationship. Access Bank has grown to become probably the biggest bank by assets in…