In a very strategic move to further deepen its root in Africa, Nigerian leading financial institution, Access Holdings has announced plans to acquire the National Bank of Kenya.
According to a corporate disclosure on the Nigerian Stock Exchange website, Access Bank Plc, the leading subsidiary of Access Holdings, would acquire the entire issued share capital of National Bank of Kenya Limited from KCB.
Africa Today News, New York reports that the development is coming barely 72 hours after the KCB group announced the sale of the National Bank of Kenya.
Details showed that Access Bank 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.
KCB is also the holding company of KCB Bank Ltd., Kenya’s largest commercial bank.
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The bank said this aligns with Access Bank’s strategic expansion initiative and is poised to solidify its presence in the Kenyan market.
On the transaction, Bolaji Agbede, the acting Group CEO of Access Holdings Plc, noted: “This proposed acquisition marks a significant step in executing our five-year strategic plan to position 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 of over US$1.1 billion, presents a compelling opportunity to scale up our growth in the East African market.
“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.”
Africa Today News. New York can confirm that this will be the firm’s first acquisition since the demise of its former GMD/CEO, Herbert Wigwe, on the 9th of February 2024.