Access Holdings Plc, through its subsidiary Access Bank Plc, has announced plans to acquire the entire issued share capital of the National Bank of Kenya Ltd. (NBK), marking a significant move in the banking landscape.
In a notification to the Nigerian Exchange Ltd. (NGX) on Wednesday in Lagos, Sunday Ekwochi, the bank’s Company Secretary, revealed that Access Bank had entered into a binding agreement with Kenyan-based KCB Group Plc (KCB) for the acquisition of NBK from KCB, which is also the holding company of NBK, Kenya’s largest commercial bank.
“The parties will be working together in the coming months towards fulfilling the conditions precedent relating to the Transaction. This includes the regulatory approvals of the Central Bank of Nigeria (CBN) and the Central Bank of Kenya,” Ekwochi stated.
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Upon completion of the transaction, NBK will be merged with Access Bank Kenya Plc, creating an enlarged franchise that aligns with Access Bank’s strategic objectives for the Kenyan and East African markets.
Bolaji Agbede, Acting Group Chief Executive Officer (GCEO) of Access Holdings Plc, commented on the proposed acquisition, noting its significance in the bank’s five-year strategic plan aimed at positioning it as Africa’s Gateway to the World. Agbede emphasized the potential of the deal with NBK, highlighting the bank’s strong reputation and substantial balance sheet.
Access Holdings Plc operates through a vast network of more than 600 branches and service outlets, serving over 60 million customers across three continents and 18 countries. With subsidiaries spanning banking, payment, pension administration, and insurance sectors, Access Holdings Plc remains committed to delivering value for its shareholders, customers, and wider stakeholder groups.
As the acquisition process progresses, Access Bank pledges to keep the market updated on the transaction’s progress, signaling its commitment to transparency and accountability in its business dealings.
