Access Bank renames South African lender after acquisition deal
Following the completion of all regulatory procedures, Grobank Limited has been officially renamed Access Bank South Africa Limited.
A statement titled ‘Grobank formally becomes Access Bank South Africa’ said the deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa.
“With this new development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets,” Access Bank said on Wednesday.
According to the statement, at an official closing ceremony in Sandton on Monday, top executives of the two banks were upbeat about new opportunities for clients, noting that the bank would continue to support all its stakeholders, while opening doors to growth opportunities both in the short and long term.
The Chief Executive Officer, Grobank, Bennie Rooy, said, “This is an extremely exciting day for the South African banking industry.
“Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.”
Banking with Access Bank South Africa, he added, meant greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.