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Nigeria's Access Bank to complete acquisition of Kenya-based Transnational Bank

Nigeria's Access Bank PLC will complete the acquisition of a roughly 100% stake in Kenya-based Transnational Bank PLC, effective Feb. 1, the Kenyan central bank said Jan. 17.

The terms of the transaction were not disclosed.

The deal, which received regulatory approval from the Kenyan central bank in December 2019, comes amid Access' plans to expand in Africa. The Nigerian lender is aiming to expand to Cameroon, Mozambique and Sierra Leone in 2020, following the acquisition, Reuters reported, citing a spokesman for the bank.

The news comes amid a wave of consolidation in Kenyan banking.