Access Bank Plc, has announced its discontinuation of the proposed acquisition of Sidian Bank, a Kenyan financial institution over failure to fulfill some requisite conditions that will lead to the full consummation.
The discontinuation ends Access Bank’s binding agreement with Centum to acquire the entire 83.4 percent shareholding held by the investment company in Sidian Bank Ltd.
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According to a statement issued by the Bank’s parent company Access Corporation to the Nigerian Exchange Ltd, “The completion of the proposed transaction was subject to fulfillment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement.
“Although regulators have all been supportive in engagements around the transaction, certain conditions precedent including those required of Sidian Bank which was needed to prudently complete the transaction have not been met and the parties were unable to reach an agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.”
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