A legally binding agreement has been reached between Access Holdings Plc and KCB Group Plc, domiciled in Kenya, regarding the acquisition of National Bank of Kenya Limited’s whole issued share capital.
The deal will see Access Holdings’ 100% acquisition of the Kenyan national bank from KCB which is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.
Sunday Ekwochi, the secretary of Access Holdings, stated in a statement posted on the Nigerian Exchange Limited on Wednesday that the transaction advances the Bank’s African expansion strategy and will reposition it as a major player in the Kenyan market, acting as a regional hub for East Africa.
In the upcoming months, the parties will collaborate to fulfill the precedent-related criteria of the transaction, which include obtaining regulatory approvals from the Central Banks of Kenya and Nigeria.
Following the transaction’s completion, the target and Access Bank Kenya Plc would merge to form a larger franchise that would help us achieve our strategic goal of expanding into the Kenyan and East African markets.
“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,” stated Bolaji Agbede, Acting Group Chief Executive Officer (CEO) of Access Holdings Plc, in response to the transaction.
“The agreement with NBK, a reputable bank with over US$1.1 billion in assets and a solid track record in Kenya, offers a significant chance to accelerate our expansion in the East African market. We continue to be optimistic that the Bank’s long-term profits profile will be strengthened and diversified through our investments, and that this will result in considerable benefits for our customers, shareholders, and other relevant parties.
Aigboje Aig-Imoukhuede, the bank’s most recent group CEO, was reinstated as group chairman in March after Herbert Wigwe, the group CEO, passed away in a helicopter crash on February 9, 2024.
According to reports, Access Holdings Plc serves over 60 million consumers across three continents, eighteen countries, and more than 600 branches and service facilities.
