Access Holdings Plc has inked a binding agreement with Kenya’s KCB Group Plc for the complete acquisition of National Bank of Kenya Limited’s issued share capital.
The acquisition entails Access Holdings acquiring the Kenyan national bank from KCB, which is the parent company of KCB Bank Ltd, Kenya’s largest commercial bank.
According to Access Holdings’ Secretary, Sunday Ekwochi, in a statement filed on the Nigerian Exchange Limited, the move is part of the bank’s African expansion strategy. It aims to strengthen its presence in the Kenyan market and establish itself as a significant player in the region, serving as a hub for East Africa.
Both parties will work towards meeting the conditions precedent for the transaction, including regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya.
Upon completion, National Bank of Kenya will merge with Access Bank Kenya Plc, creating a larger franchise to pursue strategic objectives in the Kenyan and East African markets.
Access Holdings’ Acting Group Chief Executive Officer, Bolaji Agbede, commented on the acquisition, stating that it aligns with the bank’s strategic plan to position itself as Africa’s Gateway to the World. The acquisition presents an opportunity to expand growth in the East African market, leveraging NBK’s strong reputation and substantial balance sheet.
The bank recently appointed Aigboje Aig-Imoukhuede as group Chairman after the tragic passing of its Group CEO, Herbert Wigwe, in a helicopter crash on February 9, 2024.
Access Holdings Plc operates a vast network of over 600 branches and service outlets across three continents, serving more than 60 million customers in 18 countries.
