Access Bank Expands Reach with Acquisition of National Bank of Kenya
Access Holdings Plc subsidiary, Access Bank, a Nigerian multinational commercial bank, has unveiled plans to broaden its presence in East Africa by acquiring the National Bank of Kenya from the KCB Group.
The announcement came from Access Holdings’ secretary, Sunday Ekwochi, on Wednesday, following approvals from the Central banks of Kenya and Nigeria.
This acquisition marks Access Bank’s second venture into the Kenyan banking sector in five years, following its purchase of Transnational Bank Limited in 2019.
“Access Holdings Plc today announces that its flagship subsidiary, 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 statement said.
It added that the Transaction is in furtherance of the Bank’s African expansion strategy and will reposition it as a stronger and significant player in the Kenyan market while serving as a regional hub for our East African firm.
“The parties will be working together in the coming months to fulfil the conditions precedent relating to the Transaction, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya. Sequel to the completion of the Transaction, the Target would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets”, the statement said.
Bolaji Agbede, acting group CEO of Access Holdings Plc, said the proposed acquisition 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.”
She added that the deal with NBK, a 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.
