Nigeria's Access Bank will complete the acquisition of South Africa's Grobank in the second quarter of 2021. Access Bank's proposed acquisition of 49% of Grobank began in September 2020.

The Nigerian bank intends to enter the South African market dominated by major banking groups such as Standard Bank, First Rand Group and Nedbank. It has received the necessary regulatory approvals in Nigeria and South Africa for the purchase of a significant stake in South African bank Grobank Limited.
"Today's announcement represents significant progress in achieving our strategic aspirations to become Africa's gateway to the world, in line with our vision of being the most respected African bank in the world. Our presence in South Africa will undoubtedly accelerate the achievement of our goal of reaching and impacting 100 million customers across the continent by 2022," commented Access Bank CEO Herbert Wigwe.
Access Bank, one of the largest banks in Nigeria by the size of its customer base, had entered into a first agreement in September 2020 with GroCapital Holdings with the aim of penetrating the South African banking market. Through this investment, the bank intends to strengthen its presence in the Southern African Development Community (SADC).