Nigeria’s Access Bank is set to acquire a majority stake in Kenya’s Sidian Bank from investment firm Centum Investments. The deal is reportedly worth Ksh. 4.3 billion ($36.8 million).

Centum Investments announced an agreement to sell a 83.4 per cent stake in Sidian Bank to the Nigerian banking group.

“Centum Investment Company Plc (‘Centum’) announces today that it has entered into a binding agreement with Access Bank Plc (‘Access Bank’) regarding a proposed purchase by Access Bank of Centum’s entire equity stake in Sidian Bank Limited. It is expected that in due course, Sidian will be merged with the Nigeria’s lender subsidiary in Kenya to create a stronger banking institution positioned to serve the Kenyan market,” Centum’s CEO, James Mworia said.

Access Bank entered the Kenyan market two years with an acquisition of Transnational Bank which was renamed Access Bank Kenya. It is expected that with the investment in Sidian, Access Bank will merge the two banks under the combined name Access Bank Kenya.

Sidian Bank, formerly K-Rep Bank, is an SME and trade finance bank with a balance sheet of Ksh. 30 billion as at March 2022.