An agreement for the acquisition of the entire issued share capital of the National Bank of Kenya has been reached between Access Holdings and Kenyan-based KCB Group Plc.
The deal will see Access Holdings’ acquire Kenyan national bank totally from KCB which doubles as the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.
Access Holdings’ Secretary, Sunday Ekwochi, in a statement filed on the Nigerian Exchange Limited on Wednesday, said the transaction is a testament to the Bank’s African expansion strategy and will place it as a stronger and significant player in the Kenyan market whilst serving as a regional hub for East Africa.
Regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya are included in what both companies would be working on in the coming months to fulfil the conditions criterions relating to the Transaction.
Speaking, 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.
“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.”
