- Access Bank Plc, is in the process of acquiring the entire issued share capital of National Bank of Kenya Ltd. (NBK)
- This will happen through a binding agreement with KCB Group Plc, NBK’s holding company
- This move aims to bolster Access Bank’s presence in the Kenyan market and serve as a regional hub for its East African operations
Access Holdings Plc has announced its subsidiary, Access Bank Plc, is in the process of acquiring the entire issued share capital of National Bank of Kenya Ltd. (NBK).
Sunday Ekwochi, the Company Secretary of Access Bank Plc, confirmed this development in a notification sent to the Nigerian Exchange Ltd. (NGX) on Wednesday in Lagos.
The acquisition is set to be facilitated through a binding agreement with Kenyan-based KCB Group Plc (KCB), which is also the holding company of NBK, Kenya’s largest commercial bank.
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This strategic move aligns with Access Bank’s African expansion strategy and aims to bolster its presence in the Kenyan market, positioning it as a stronger player in the region.
Ekwochi emphasized that the transaction signifies a milestone in Access Bank’s pursuit of becoming Africa’s Gateway to the World.
He outlined that the parties involved will work towards fulfilling the conditions precedent, including obtaining regulatory approvals from the Central Bank of Nigeria (CBN) and the Central Bank of Kenya.
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Upon completion of the transaction, NBK will be integrated with Access Bank Kenya Plc, creating an enlarged franchise to pursue strategic objectives in the Kenyan and East African markets.
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Bolaji Agbede, Acting Group Chief Executive Officer (GCEO) of Access Holdings Plc, expressed confidence in the deal, highlighting NBK’s strong reputation and substantial balance sheet exceeding $1.1 billion.
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Agbede emphasized that the acquisition presents a compelling opportunity for Access Bank to scale up its growth in East Africa, diversifying and strengthening its long-term earnings profile.
The company remains committed to delivering significant value for shareholders, customers, and wider stakeholder groups.
Access Holdings Plc operates across three continents, serving over 60 million customers through a network of more than 600 branches and service outlets.
