Access Bank Set To Acquire National Bank Of Kenya

Access Holdings Plc has entered into a binding agreement with Kenyan-based KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited. The deal will see Access Holdings’ 100% acquisition of the Kenyan national bank from KCB which is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.

In a statement filed on the Nigerian Exchange Limited on Wednesday, Access Holdings’ Secretary, Sunday Ekwochi, said 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 East Africa.

The parties would be working together in the coming months to fulfil the conditions precedent relating to the Transaction, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya. Sequel to the completion of the Transaction, the target would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets.

Commenting on the Transaction, the Acting Group Chief Executive Officer (CEO) of Access Holdings Plc, Bolaji Agbede, 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.”