Access Bank Acquires Kenya’s Major Bank

Access Bank Plc, the flagship subsidiary of Access Holdings Plc, has entered into a binding agreement with Kenyan-based KCB Group Plc (KCB) for the acquisition of the entire issued share capital of National Bank of Kenya Limited (NBK) from KCB.

NBK is one of Kenya’s major banks with total assets in excess of $1.1 billion. KCB is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.

The parties will be working together in the coming months to fulfil the conditions precedent relating to the Transaction, which include the regulatory approvals of the Central Bank of Nigeria (CBN) and the Central Bank of Kenya.

Sequel to the completion of the transaction, NBK would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of Access Bank’s strategic objective for the Kenyan and East African markets.

In a regulatory filing yesterday, Access Holdings, stated that the proposed acquisition was in furtherance of its African expansion strategy and will reposition Access Bank as a stronger and significant player in the Kenyan market whilst serving as a regional hub for the East African bloc anchored by a solidified balance sheet.

Acting Group Chief Executive Officer, Access Holdings Plc, Ms. Bolaji Agbede said the proposed acquisition marks a significant step in the execution of the group’s five-year strategic plan aimed at positioning the bank as Africa’s gateway to the world.