Access Bank, a prominent Nigerian lender, is set to acquire the National Bank of Kenya from the KCB Group, marking its second acquisition of a Kenyan bank within five years.
The announcement was made by Sunday Ekwochi, Secretary of Access Holdings, in a statement filed on the Nigerian Exchange Limited. The completion of the deal is subject to regulatory approvals from both the Central Bank of Kenya and the Central Bank of Nigeria.
According to Tech Cabal, Paul Russo, CEO of KCB Group, expressed optimism about the acquisition, stating that it would benefit the future of the National Bank of Kenya.
Access Holdings revealed that the acquisition aligns with its African expansion strategy, positioning Access Bank as a significant player in the Kenyan market and serving as a regional hub for the East African bloc. The transaction involves acquiring the entire issued share capital of National Bank of Kenya Limited from KCB Group.
Once finalized, the National Bank of Kenya will be merged with Access Bank Kenya Plc, creating an enlarged franchise to advance strategic objectives in the Kenyan and East African markets.
Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings, emphasized the strategic importance of the acquisition in positioning the bank as Africa’s Gateway to the World. The deal presents an opportunity to strengthen growth in the East African market, leveraging the strong foundation of the National Bank of Kenya.
Access Bank remains confident that the investment in diversification and strengthening of the bank’s long-term earnings profile will generate significant value for shareholders, customers, and stakeholders.