Access Bank, a Nigerian lender, is set to acquire the National Bank of Kenya from the KCB Group, marking its second acquisition of a Kenyan bank in less than five years.
Following its acquisition of Transnational Bank Limited in 2019, Access Bank’s latest move underscores its commitment to expanding its presence in the Kenyan market.
Sunday Ekwochi, Access Holdings’ Secretary, announced the acquisition in a statement filed on the Nigerian Exchange Limited. The finalization of the deal is subject to regulatory approvals from the central banks of both Kenya and Nigeria.
According to Tech Cabal, KCB Group’s CEO, Paul Russo, expressed confidence in the acquisition, noting its benefits for NBK’s future.
In the statement, Access Holdings Plc outlined the strategic significance of the transaction, emphasizing its African expansion strategy and the strengthening of its position in the Kenyan market. Upon completion of the transaction, Access Bank Kenya Plc will merge with NBK to create an enlarged franchise, furthering its strategic objectives in Kenya and East Africa.
Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, highlighted the significance of the acquisition in advancing the bank’s strategic plan. She emphasized NBK’s strong presence and sizable balance sheet, presenting a compelling opportunity for growth in the East African market.
The proposed acquisition aligns with Access Bank’s vision of becoming Africa’s Gateway to the World, with a focus on delivering value to shareholders, customers, and stakeholders.