Access Bank To Acquire National Bank of Kenya
A legally binding agreement has been reached between Access Holdings Plc and KCB Group Plc, based in Kenya, regarding the acquisition of National Bank of Kenya Limited's whole issued share capital.
Through the agreement, Access Holdings, the holding company of Kenya's largest commercial bank, KCB Bank Ltd., will acquire the national bank of Kenya 100%.
Sunday Ekwochi, the secretary of Access Holdings, stated in a statement posted on the Nigerian Exchange Limited on Wednesday that the transaction advances the Bank's African expansion strategy and will reposition it as a major player in the Kenyan market, acting as a regional hub for East Africa.
In order to complete the prerequisites for the Transaction, which include obtaining regulatory approvals from the Central Banks of Kenya and Nigeria, the parties will collaborate over the next few months.
In order to achieve our strategic goal for the Kenyan and East African markets, the target would merge with Access Bank Kenya Plc after the transaction was completed, forming an expanded franchise.
Bolaji Agbede, Acting Group CEO of Access Holdings Plc, commented on the transaction, saying, "This 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."
"We have a great opportunity to expand our presence in the East African market with this deal with NBK, a reputable and historically strong bank in Kenya with a balance sheet exceeding US$1.1 billion. We are still convinced that the Bank's long-term earnings profile will be significantly strengthened and diversified by the investments we make, and that this will benefit our customers, shareholders, and other stakeholder groups.
The bank named Aigboje Aig-Imoukhuede as group chairman in March after Herbert Wigwe, the group CEO, died in a helicopter crash on February 9, 2024.
It is reported that Access Holdings Plc serves over 60 million customers through a network of more than 600 branches and service locations that spans three continents and eighteen countries.