The Central Bank of Kenya has announced the 100 per cent acquisition of Moi-linked Transnational Bank by Nigeria’s Access Bank Plc effective February 1. Transnational Bank started its operations in Kenya as Transnational Finance in 1984— a non-bank, deposit-taking institution — before becoming a full-fledged bank a year later. Former President Daniel Moi’s allies linked with Transnational Bank include his long-time aide, Joshua Kulei and Simeon Nyachae. ‘’Access Bank Plc’s business model mainly focuses on corporate and retail banking and its strong group support is expected to drive Transnational Bank Plc’s business growth for the benefit of the Kenyan economy and the banking sector. Access Bank joins a growing list of Nigerian banks already operating in the Kenyan market including the United Bank of Africa (UBA) and Guaranty Trust Bank.

Source: The Star January 17, 2020 12:22 UTC