News
Access Bank Set To Acquire National Bank Of Kenya
Eko Hot Blog reports that Access Bank, a leading Nigerian lender, has announced plans to acquire the National Bank of Kenya (NBK) from the KCB Group, marking its second acquisition of a Kenyan bank in less than five years.
The acquisition comes after Access Bank purchased Transnational Bank Limited in 2019, further solidifying its footprint in the East African market.
Editor’s Pick:
- FG Begins New Expatriate Job Policy, Violators Risk N3m Fine
- Price Of Block In Nigeria As Cement Sells For Over N10,000
- Osimhen Misses Chance To Extend Scoring Streak As Napoli Secures Historic Victory Over Juventus.
In a statement filed on the Nigerian Exchange Limited on Wednesday, Access Holdings’ Secretary, Sunday Ekwochi, revealed that the finalization of the deal is contingent upon receiving regulatory approvals from the central banks of Kenya and Nigeria.
According to Tech Cabal, KCB Group’s CEO, Paul Russo, confirmed that Access Bank will acquire the entire stake in NBK, describing the deal as beneficial for the bank’s future.
The statement read, “Access Holdings Plc (“Access Holdings”) today announces that its flagship subsidiary, Access Bank Plc (“Access Bank” or “the Bank”) has entered into a binding agreement with Kenyan-based KCB Group Plc (“KCB”) for the acquisition of the entire issued share capital of National Bank of Kenya Limited (“NBK” or ‘the Target”) from KCB. (‘the Transaction’) KCB is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.”
“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 whilst serving as a regional hub for our East African bloc anchored by a solidified balance sheet,” the statement continued.
Commenting on the transaction, Ms. Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, said, “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.”
“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,” Agbede added.
The statement further noted, “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.”
Further Reading:
- Military Welcomes Sunday Igboho’s Offer To Combat Insecurity In South-West
- Bella Shmurda Opens Up On The Side Effects Of Smoking Weed
- Oyo LG Election: APC Raises Alarm, Threatens To Withdraw Candidates Over BVAS Controversy
Upon completion of the transaction, Access Bank Kenya Plc will be combined with NBK to create an enlarged franchise, aligning with the bank’s strategic objective for the Kenyan and East African markets.
The parties involved will work together in the coming months to fulfill the conditions precedent related to the transaction, including obtaining regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya.
Click here to watch video of the week
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
