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Spread the love (AFRICAN EXAMINER) – Nigeria’s Access Bank has invested around $60 million to acquire a stake in South Africa’s Grobank, its chief executive said on Tuesday, to become the first Nigerian lender to venture into South Africa. Access invested both equity and debt in the South African bank, part of a regional expansion to tap into correspondent and trade banking deals on the continent, The bank’s Chief Executive Officer, Herbert Wigwe told CNBC Africa Television. Wigwe said Access will expand trade finance capability within Grobank which is currently focusing on the agricultural sector in South Africa. The bank on Friday said it had received regulatory approvals for the acquisition which is expected to close in the second quarter of 2021.

South africaSouth africanAfrica grobankHerbert wigweAfrica grobankpostedAfrica televisionNigeria access bankAccess bankAccess bank buysCavmont bankStake in south africaAfrican examinerafrican newsChief executive officerநைஜீரியா நுழைவு வங்கிநுழைவு வங்கிநுழைவு வங்கி வாங்குகிறது