Access Bank is set to acquire the National Bank of Kenya (NBK) from the KCB Group.
BrandSpur Nigeria understands that this marks Access Bank’s second acquisition of a Kenyan bank in under five years.
This move comes after Access Bank purchased Transnational Bank Limited in 2019.
In a statement filed on the Nigerian Exchange Limited on Wednesday, Access Holdings’ Secretary, Sunday Ekwochi, announced that the finalisation of the deal is subject to regulatory approvals from the central banks of Kenya and Nigeria.
According to Tech Cabal, KCB Group’s CEO, Paul Russo, revealed that Access Bank will acquire the entire stake in NBK.
The statement from Access Holdings read, “Access Bank Plc has entered into a binding agreement with Kenyan-based KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited from KCB.”
The transaction is subject to various conditions, including regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya.
Once completed, NBK will be merged with Access Bank Kenya Plc to create an enlarged franchise.
Ms. Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, expressed confidence in the proposed acquisition.
She said, “This marks a significant step in the execution of our five-year strategic plan aimed at positioning the Bank as Africa’s Gateway to the World.”
“The deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet in excess of US$1.1 billion, presents a compelling opportunity to scale up our growth in the East African market.
“We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value for our shareholders, customers, and wider stakeholder groups.”
