| Access Bank (Kenya) PLC | |
| Type: | Subsidiary of Access Bank Group |
| Foundation: | 1984 |
| Location: | Nairobi, Kenya |
| Key People: | Ade Bajomo Chairman David Aluko Managing Director |
| Assets: | US$113.6 million (KES:9.66 billion) (2013) |
| Revenue: | Aftertax: US$683,549 (KES:68.03 million) (2015) |
| Industry: | Financial services |
| Products: | Loans, Checking, Savings, Investments, Debit Cards |
Access Bank Kenya (ABK), whose complete name is Access Bank (Kenya) PLC, formerly Transnational Bank Kenya PLC, is a commercial bank in Kenya. It is licensed and regulated by the Central Bank of Kenya, the national banking regulator.[1]
TNB was established as a non-bank financial institution (NBFI) in 1984, under the name Transnational Finance Company (TNFC). TNFC provided loans, including lease-purchase arrangements to depositors and non-depositors. In 1985, following the issuance of a commercial banking license by the Central Bank of Kenya, the national banking regulator, the company began banking operations under its current name in Nairobi and Mombasa. At first other locations in the country continued to operate as TNFC offices. Between 1985 and 1996, all TNFC activities were merged with TNB and the TNFC brand was closed. The bank has one subsidiary; TNB Forex Bureau, located at Moi International Airport in Mombasa. The bank is also affiliated with Western Union, the American International money-transfer service.[2] In 2009, TNB introduced Internet banking and mobile banking through mobile telephones.[3]
The bank is a medium-sized commercial bank in Kenya, East Africa's largest economy., its assets were valued at about US$105.84 million (KES:10.53 billion), with shareholders' equity of about US$20.43 million (KES:2.033 billion).[4]
The bank maintained 17 networked branches in Kenya, as of December 2013.[5]
The shares of stock of Transnational Bank are privately held by Kenyan institutions and individuals., the major shareholders in the bank were as depicted in the table below:[4]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Archers and Wilcock Limited | 23.75 |
| 2 | Sovereign Trust Limited | 23.03 |
| 3 | Duggan Limited | 15.53 |
| 4 | Pyramid Trustee Limited | 15.12 |
| 5 | November Nominees Limited | 07.28 |
| 6 | Simbi Investors | 04.11 |
| 7 | Losupuk Limited | 02.79 |
| 8 | Kenyerere Limited | 02.15 |
| 9 | Lohan Investments Limited | 01.42 |
| 10 | Others | 04.80 |
| Total | 100.00 | |
On 31 October 2019 the Business Daily Africa newspaper reported that Access Bank Nigeria, had received regulatory approval from the Competition Authority of Kenya (CAK) to acquire 93.57 percent in Transnational Bank of Kenya. The transaction had yet to receive the approval of the Central Bank of Kenya, as of October 2019.[6]
In January 2020, the Central Bank of Kenya gave approval for Access Bank Group to acquire up to 100 percent shareholding in Transnational Bank.[7] In August 2020, the take-over was consummated after the new owners paid KES:1.4 billion (approx. US$13 million) to buy-out the previous shareholders. The bank re-branded to Access Bank (Kenya) PLC.[1]
When the deal by Access Bank Group to acquire Sidian Bank is concluded, it is expected that the new acquisition will be merged into Access Bank Kenya. When that happens, the combined bank is expected to have assets valued at over KSh57.1 billion (approx. US$492 million), with loans totaling KSh26.6 billion (approx. US$229 million). The deal requires regulatory approval in Kenya and Nigeria.[8]
In January 2023, Centum Investment Company Plc. called off the planned sale of the 83.4 percent shareholding that it owns in Sidian Bank to Access Bank Group. The time allocated to negotiations lapsed before agreement could be reached.[9]