Access Holdings completes acquisition of National Bank of Kenya

Access Holdings Plc has concluded an agreement with Kenya-based KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited.

Under the terms of the deal, Access Holdings will acquire 100% ownership of the Kenyan national bank from KCB, which also operates as the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.

In an official statement submitted to the Nigerian Exchange Limited on Wednesday, Access Holdings’ Secretary, Sunday Ekwochi, highlighted that this acquisition aligns with the bank’s strategy for expansion across Africa. It is anticipated to bolster its presence in the Kenyan market significantly, positioning it as a key player in East Africa and serving as a regional hub.

Both parties are set to collaborate over the coming months to fulfill the conditions precedent to the transaction. These include obtaining regulatory approvals from 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.

The acting Group Chief Executive Officer 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.

“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. 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.”

The bank whose Group CEO, Herbert Wigwe, died in a helicopter crash on February 9, 2024, returned its immediate past group CEO, Aigboje Aig-Imoukhuede, as group Chairman in March.

Access Holdings Plc reportedly operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries and over 60 million customers.

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