Access Bank has announced its acquisition of the National Bank of Kenya from the KCB Group, marking its second major acquisition in Kenya within five years.
The acquisition, following its purchase of Transnational Bank Limited in 2019, signifies Access Bank’s commitment to expanding its footprint in Kenya.
The deal, announced by Access Holdings’ Secretary, Sunday Ekwochi, is subject to regulatory approvals from the central banks of Kenya and Nigeria.
According to KCB Group’s CEO, Paul Russo, the acquisition by Access Bank will involve the purchase of the entire stake in the National Bank of Kenya, a move expected to enhance NBK’s future prospects.
In a statement filed on the Nigerian Exchange Limited, Access Holdings Plc emphasized that the transaction aligns with its African expansion strategy and will position Access Bank as a key player in the Kenyan market.
The combined entity will serve as a regional hub for the East African bloc, leveraging a strengthened balance sheet.
Ms. Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, expressed confidence in the acquisition, citing the compelling opportunity presented by NBK’s strong presence and sizable balance sheet in Kenya.
The completion of the transaction is contingent upon fulfilling regulatory requirements, including approvals from the Central Bank of Nigeria and the Central Bank of Kenya.
Upon completion, the National Bank of Kenya will merge with Access Bank Kenya Plc, creating an enlarged franchise to drive growth in the Kenyan and East African markets.
